The Supreme Court has stressed that it will not allow the judiciary to be used as a scapegoat in the current disagreement between the Federal Government and some state governments over the implementation of the naira redesign policy.
Justice John Okoro of the Supreme Court stated this on Wednesday while responding to the issue of contempt of court raised by the Counsel to the Lagos State Government, Moyosore Onigbanjo, against the Federal Government.
Onigbanjo had prayed the Supreme Court to prohibit the Attorney General of the Federation, Abubakar Malami, from coming “tongue in cheek to ask for reliefs” to defend the respondents (i.e., FG and the CBN) while acting in contempt of initial court orders.
He further argued that the “issue of contempt, supersedes issue of jurisdiction”.
What you should know: In the meantime, the Supreme Court said doesn’t intend to keep the matter longer.
Justice John Okoro also responded to Onigbanjo’s remarks, saying:
- “You are not a stranger to this country. We don’t want a situation where the judiciary will be a scapegoat. We refuse to be the scapegoat. We are hearing this matter today. We don’t intend to keep this matter longer… whether they obey it or not.’’
The backstory: Recall that the implementation of the naira cash policy was met with complaints by Nigerians and several interest groups. This led the Central Bank of Nigeria (CBN) to initially extend the January 31st deadline for the naira swap to February 10.
Meanwhile, some state governors (Kaduna, Kogi, and Zamfara) applied for an order of Interim Injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from determining February 10 as the deadline for the circulation and use of the old.
- The Supreme Court temporarily barred the Federal Government, the CBN and commercial banks from going ahead with the February 10 deadline pending the determination of the substantive suit on February 22 which is today.
- But earlier today, the apex bank adjourned till March 3rd the case instituted by some state governments challenging the implementation of the naira redesign policy.
- Recall that President Muhammadu Buhari had, last Thursday, directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.