Kano sues FG over currency policy

THE Kano State Government has filed a suit against the Federal Government of Nigeria at the Supreme Court over the Naira redesign policy of the CBN.

In the suit filed by the Kano State Attorney General, through his Counsel, Sunusi Musa (SAN), the state government is seeking the Apex court to declare that the President of Nigeria, 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.

In the suit, the state government is among other things asking the court for a mandatory order seeking a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation which it says will affect the economic well-being of over 20 million of residents of the state. The state government is also seeking for mandatory order, compelling the Federal Government of Nigeria to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the FRN.

The Applicant is simirlarly praying for mandatory seeking the Apex court to compel FGN to reverse the cash swap policy for allegedly not complying with the 1999 constitution of the FRN and other extant legislation.

A Declaration that the combine reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Pharagraph 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.

In Originating summon, the Kano state government, further asked the court for a declaration, that the President’s directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetization of the Federal Republic of Nigeria without recourse to the Federal Executive Council and National Economic Council respectively is unconstitutional, illegal null and void. The state also asked the court 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 Constitution and other extant legislation.

Kano state joins states like Zamfara, Kaduna and Kogi that have dragged the Federal government to court over the Naira swap policy.