Naira redesign: AGF asks supreme court to dismiss state governments’ suit challenging CBN’s policy

The Attorney-General of the Federation (AGF), Abubakar Malami, on Wednesday, February 8, urged the supreme court to dismiss a suit filed by three state governments challenging the naira redesign policy of the Central Bank of Nigeria (CBN).

In a preliminary objection filed by Malami, through his lawyers, Mahmud Magaji and Tijanni Gazali, he argued that the supreme court lacks jurisdiction to entertain the suit.

In court filings dated February 8, 2023, the AGF contended that “the plaintiffs have equally not shown reasonable cause of action against the defendant.”

The AGF’s lawyers urged the court to strike out the suit for lack of jurisdiction.

With reference to Section 251 of the Constitution, the defence lawyers argued that the suit falls within the exclusive jurisdiction of the federal high court in matters of monetary policy of an agency of the federal government like the CBN.

The AGF stated that, “The claims or reliefs are not against the federation, but the federal government and its agency, the Central Bank of Nigeria.

“The federal government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria.

“The plaintiffs have no grievance whatsoever against the federation of Nigeria.

“This suit has disclosed no dispute that invokes this court’s original jurisdiction as constitutionally defined,” he added.

Recall that three state governments including Kaduna, Kogi and Zamfara, recently sued the federal government over the naira redesign policy of the CBN.

In the suit filed on February 3, the states urged the Supreme Court to compel President Muhammadu Buhari, the CBN and commercial banks, to rescind the February 10 deadline for the old N200, N500 and N1000 banknotes as legal tender.

The supreme court, while ruling on an ex-parte request by the plaintiffs on Wednesday, ordered the federal government to halt the implementation of the currency redesign policy pending the determination of the substantive suit.