Supreme Court presses pause on CBN's Naira swap case until Feb 22!

Hold onto your wallets, folks! The Supreme Court of Nigeria has hit pause on the naira swap policy of the Central Bank of Nigeria (CBN) until Wednesday, February 22, 2023, to hear the consolidated suits filed by 10 states.

The Supreme Court was brimming with legal heavyweights, including Senior Advocates of Nigeria, as well as the governors of Kaduna and Kogi states, Nasir El-Rufai and Yahaya Bello. The court was at full capacity as it heard the case on Wednesday, February 15, 2023.

What happened in court: The proceedings of the court commenced with Justice John Okoro presiding over a seven-man panel, emphasising the need to keep the case's intention and its impact on the plight of Nigerians in mind.

What happened: In the previous hearing, the Court issued a temporary injunction against the enforcement of the February 10 deadline set by the CBN for the withdrawal of the old N200, N500, and N1,000 notes as legal tender.

State dragging FG and CBN to court: The Federal Government and the Central Bank of Nigeria (CBN) have been named as defendants in a lawsuit brought by Zamfara, Kogi, and Kaduna states. Additionally, other states, including Niger, Kano, Ondo, and Ekiti, have applied to join the suit against the CBN and the Federal Government.

The lawsuit saw further interest from other states, with Lagos State applying to be joined in the suit through its Attorney General, Moyosore Onigbanjo. Meanwhile, Bayelsa State led by Damian Dodo, and Edo State, also sought to be joined as respondents in the case.

What you should know: 2023 general elections comes just two days after February 22.