The Supreme Court of Nigeria has adjourned hearing in suit filed by the state governments of Kaduna, Kogi and Zamfara against the naira swap policy of the CBN till February 22, 2023.
Before making its decision known today, the apex court joined nine other states as co-plaintiffs and co-respondents.
The states that were joined as co-plaintiffs are Katsina, Lagos, Ondo, Ogun, Ekiti, Cross River and Sokoto.
On the other hand, Edo and Bayelsa were joined as co-respondents.
At the Supreme Court today were Nasir El Rufai, the governor of Kaduna State, and his counterpart from Kogi State, Yahya Bello.
Recalled that following the outbreak of protests across the country caused by the scarcity of the new naira notes, the Kaduna, Kogi, Zamfara state governments on February 3, 2023 had a motion ex-parte filed at the Supreme Court seeking to restrain the Federal Government of Nigeria and the Central Bank of Nigeria from implementing the February 10 2023 deadline for the use of old naira notes.
Last week Wednesday, a seven-man panel of the apex court, led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks and other related parties from implementing the February 10 deadline.
However, available evidence showed that commercial banks, petrol stations and major supermarkets in the country, flagrantly disobeyed the Supreme Court ruling.
While briefing the diplomatic community on Wednesday February 14, the governor of the Central Bank of Nigeria, Godwin Emefiele, maintained that there was no need to extend the February 10 deadline, adding that the situation had started to calm down in the country.
To the contrary, most ATMs in the country have run out of cash while Nigerians find it difficult to make withdrawals over the counter.