The Kano State Government has filed a suit against the Federal Government at the Supreme Court in respect of the naira redesign policy of the Central Bank of Nigeria.
The Kano State Attorney General, through his counsel, Sunusi Musa, is asking the apex court to declare that President Muhammadu Buhari cannot unilaterally direct the CBN to recall the now-old N200, N500, and N1,000 banknotes without recourse to the Federal Executive Council and National Economic Council, respectively.
The Kano government is praying for a mandatory order seeking a reversal of the Federal Government’s policy to recall the N200, N500, and N1,000 notes from circulation due to the policy affecting the economic well-being of over 20 million Kano citizens.
The applicant is also seeking a mandatory order compelling the Federal Government to reverse the naira redesign policy for alleged failure to comply with the 1999 Constitution (as amended).
The applicant is similarly praying for mandatory relief and seeking the apex court’s order to compel the Federal Government to reverse the cash swap policy for allegedly not complying with the 1999 Constitution and other extant legislation.
The applicant is also praying for a mandatory order reversing the policy of the Federal Government on the recall of the old currency notes for allegedly failing to comply with the provisions of the Constitution and other extant legislation.
Recall that on Wednesday, the Supreme Court gave an interim order to the CBN not to end the use of old naira notes on February 10, 2023, in an ex parte application by the three applicant states, including Kaduna, Kogi, and Zamfara.