According to an interview with Professor Sam Amadi, a law professor at Baze University, the recent lawsuit filed at the Supreme Court by the governors of Kogi, Kaduna, and Zamfara states against the federal government regarding the naira swap exercise enforced by the Central Bank of Nigeria may turn out to be futile.
Amadi argued that the naira swap exercise was a monetary policy issue that had been formulated and enforced by the apex bank, which had the constitutional right to do so independently of the federal government. Furthermore, he argued that the Supreme Court did not have the jurisdiction to decide on an issue that did not infringe on the rights of the states.
The Supreme Court has adjourned the hearing by another seven days, stating that the adjournment is merely postponing the hearing to next Wednesday and not halting the swap exercise. However, it may be recalled that CBN Governor, Godwin Emefiele, clarified that the extended deadline of February 10 remains February 10.
Amadi’s position on the matter is that the court did not have many options but to adjourn the case further because it had to admit to filing and documentation of the suit of three other governors of Rivers, Bayelsa, and Edo states who support the CBN’s February 10 deadline, as well as other governments that had thrown their weight behind the initial three governors. He stated that if the swap policy is successful in the process of the adjournments, there may be no need for a ruling, except for academic purposes.
“If the policy were contrary to law then the Supreme Court has the right to determine that the policy is an illegal or legal exercise, not its consequences; and the states have no right to sue the federal government because its people are experiencing hardship,”
He also noted that if the CBN, which is the monetary authority with the power to amend or reverse the policy, was not there to defend its policy, then the main party was not there, in the real sense. The CBN is the regulator that has the mandate to formulate and monitor monetary and currency policies.
Amadi cautioned that while the federal government had said they would obey the order of the Supreme Court, the CBN is not under any obligation to obey the Supreme Court’s order since it is not part of the suit. He also noted that the governors are suing the federal government based on the suffering of the masses, but if the policy were contrary to law, then the Supreme Court has the right to determine that the policy is an illegal or legal exercise, not its consequences, and the states have no right to sue the federal government because its people are experiencing hardship.
The naira swap exercise is a monetary policy issue that has become a source of concern for many Nigerians. The exercise involves the exchange of old naira notes for new ones, and it has caused a lot of confusion and frustration for many people. The CBN’s decision to enforce the exercise has been met with resistance from some quarters, and this has resulted in a legal battle that has reached the Supreme Court.
While the governors of Kogi, Kaduna, and Zamfara states have filed a lawsuit against the federal government to extend the deadline of the naira swap exercise, some other governors have thrown their weight behind the exercise. This has created a complex legal situation that may take a long time to resolve.
In the meantime, Nigerians are left to deal with the consequences of the naira swap exercise. Many people are struggling to exchange their old notes for new ones, and some businesses are refusing to accept the old notes. This has caused a lot of inconvenience and hardship for many people, especially those who rely on cash transactions to carry out their daily activities.
