Breaking: Kano Sues FG over Naira Redesign Policy

Ibrahim Shuaibu in Kano 

The Kano State Government has filed a suit against the Federal Government at the Supreme Court,  challenging the Naira redesign policy of the Central Bank of Nigeria (CBN).

The Kano state government is praying the court for a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic well-being of over 20 million of Kano citizens.

In a Suit Number: SC/CS/200/2023, the Kano State Attorney General, through his Counsel, Sunusi Musa (SAN) is praying the Supreme Court to declare that the President cannot unilaterally direct the Central Bank of Nigeria to recall the now N200, N500 and N500 old bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.

The applicant is also seeking for a mandatory order, compelling the Federal Government to reverse the Naira redesign policy for alleged failure to comply with the 1999  constitution of the Federal Republic of Nigeria (as amended). 

The Applicant is similarly praying for mandatory order to compel Federal Government to reverse the cash swap policy for allegedly not complying with the 1999 constitution of the federal Republic of Nigeria and other extant legislations.

“A Declaration that the combine reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,”