After several hearings from lawyers on Wednesday, the Supreme Court adjourned the currency policy suits to Wednesday, February 22.
Naija News reports that the state governments of Kaduna, Kogi, and Zamfara had, on February 3rd, dragged the Federal Government to the Supreme Court over the naira redesign policy of the Central Bank of Nigeria (CBN).
The states urged the Supreme Court to compel President Muhammadu Buhari, the CBN, and commercial banks to rescind the February 10 deadline for the old N200, N500, and N1,000 banknotes as Nigeria’s legal tender.
During the court sitting today, CBN Governor, Godwin Emefiele, explained why there was still a scarcity of the new notes after weeks of unveiling the new currencies.
Speaking during the hearing today, the lawyer standing in for the Kaduna State government, Abdulhakeem Mustapha (SAN), drew the FGN’s alleged flouting of the court order last week by the non-compliance to the extension of the use of the old naira notes.
In a swift response, Kanu Agabi and Mahmud Magaji, all SANs who appeared for the federal government, argued that the claim is based on “rumours out there.”
The panel, however, said the issues could not be attended to immediately until all the processes are filed abs served. But Mustapha insisted that the FGN is acting in executive recklessness by ignoring the order.
He, therefore, insisted that the extension should subsist.
The panel advised that the processes be filed and served on Friday and replies on Monday to enable a hearing on Wednesday. Emmanuel Ukala (SAN) sought to move a separate application by the Rivers State Government.
Delivering his ruling, the presiding judge, Justice Inyang Okoro, postponed further hearing till February 22.
President Muhammadu Buhari is reportedly considering extending the validity of old naira notes by 60 days.
According to The Cable, Buhari is planning to extend the validity of its legal tender status to avoid disobeying the order of the Supreme Court of Nigeria, which ruled that the old N1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.
A senior government official revealed that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.
The official said that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) and the Progressives Governors Forum until the early hours of Wednesday.
The source disclosed that the governors are expected to withdraw their case at the Supreme Court.
Nigeria’s inflation in January 2023 has hit a new 17-year record high of 21.82% amidst the naira crisis caused by the Central Bank of Nigeria’s (CBN) redesign policy.
Naija News understands that the new inflation rate of 21.82% is the highest to be recorded since September 2005, making it a new 17-year record hit.
The National Bureau of Statistics (NBS), in its Consumer Price Index for January 2023, revealed that the country’s inflation increased by 0.48% points from the 21.34% that was recorded in December 2022.
The Bureau said “In January 2023, the headline inflation rate rose to 21.82% compared to December 2022 headline inflation rate which was 21.34%.
“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 6.22 % points higher compared to the rate recorded in January 2022, which was 15.60 %.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year (i.e., January 2022).”
This new 17-year high record comes in the midst of the cash crunch characterised by the shortage in the new naira and the crisis rocking the deadline of the old N200, N500, and N1000 bank notes.
The NBS report shows that there have been increases in the prices of bread and cereal, actual and imputed rent, potatoes, yam and tuber, vegetables, and meat among others.
The presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has met with President Muhammadu Buhari at the Presidential Villa, Abuja.
The meeting, which reportedly held at the Residence inside the Villa, held before the weekly Federal Executive Council (FEC) meeting, according to The Nation.
Naija News understands that the meeting may be connected with issues of campaigns and other prevailing national issues.
After the meeting, Buhari reportedly joined the weekly Federal Executive Council meeting.
Another source disclosed that Buhari’s lateness to the FEC meeting, besides his meeting with Tinubu, must have been as a result of his decision to stay back to monitor the outcome of the Supreme Court’s case against the federal government and the Central Bank of Nigeria (CBN) on the naira redesign policy, which was eventually adjourned to Wednesday, February 22.
The Kogi State Governor, Yahaya Bello has revealed why he and the Kaduna State Governor, Nasir El-Rufai, stormed the Supreme Court on Wednesday.
The Supreme Court of Nigeria held a brief hearing on the suit filed on the naira swap policy of the Central Bank of Nigeria (CBN).
The apex court, however, adjourned the hearing of the consolidated suits by states to Wednesday, February 22, 2023.
Bello, while addressing newsmen after the adjournment, said he and his Kaduna counterpart stormed the court to ensure that justice is obtained for the masses who are suffering the brunt of the policy at this time.
The Kogi State Governor said he and El-Rufai are not against the redesign policy but against the CBN implementation.
The Supreme Court hearing was attended by a delegation of Senior Advocates of Nigeria (SAN) on Wednesday.
Bello said the understanding from court proceedings suggests that the order made by the justices still subsists up till Wednesday, February 22 when the matter will be heard.
The Convener of the Northern Elders Forum (NEF), Ango Abdullahi, on Wednesday, said the north has a deficit of four years to rule the country.
Abdullahi states this amidst the claims that power should be zoned to the South-East in the 2023 presidential election.
The NEF convener noted that the South has ruled Nigeria for 14 years, adding that the North has only ruled for 10 years.
He, however, stated that everyone has the right to contest in the presidential election and if they win, it should be based on thumbprints.
Abdullahi stated this at the ongoing General Assembly and 10th Anniversary Celebration of the Northern Elders Forum, held at the Shehu Musa Yar’Adua Centre in Abuja on Wednesday.
President Muhammadu Buhari has met with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, hours after the Supreme Court adjourned the suit on the naira redesign policy.
Naija News reports that the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, made this known in an interview with Channels Television.
Shehu said the President met with the apex bank boss after the Federal Executive Council (FEC) meeting, following the adjournment of the suit filed against the Federal Government and the CBN at the Supreme Court.
However, the presidential spokesman failed to confirm or deny the reports making the rounds that the President may be mulling an extension of the validity of the old naira notes by 60 days.
The Speaker of the House of Representatives, Femi Gbajabiamila, has said the current fuel and naira scarcity is a plot against the presidential candidate of the All Progressive Congress (APC), Bola Tinubu.
According to him, some elements have deliberately created a crisis around the Central Bank of Nigeria (CBN) cashless policy just to stop Tinubu from winning the presidential election.
Naija News reports that the Speaker made the assertion on Tuesday in Lagos during the launching of the second phase of a transport initiative called “Gbaja ride”.
He explained that no one can convince him that the new naira crisis is not a plot to fight Tinubu’s presidential bid.
He was, however, glad that the elements behind the alleged plot have been put to shame because God has intervened in the matter.
The Speaker further alleged that the incessant fuel and naira scarcity of naira notes were carefully orchestrated by some elements to as well slow down the successes of the President Muhammadu Buhari‘s administration.
The presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has met with the Governor of Rivers State, Nyesom Wike.
The meeting, which held at the Government House, Port Harcourt had in attendance prominent chieftains of the ruling party.
Naija News understands that the meeting may be connected with the forthcoming general elections that is to hold next week.
The meeting also comes right after Tinubu’s presidential campaign which held at the Yakubu Gowon Stadium, Elekahia, Port Harcourt, venue for the rally.
The Indigenous People of Biafra (IPOB) has stated that those who plan on attacking Igbos in the upcoming elections should prepare to have a taste of their own medicine.
IPOB spokesman warned that the group would retaliate any form of attack against them.
Speaking via a statement, the group stated that they had gotten wind of a yoruba monarch who plans on dealing with non indigenes especially Ndigbo who refuse to vote for his chosen candidate.
The proscribed group, after reaffirming that they remained neutral in electoral process, warned politicians and traditional rulers who have terrible plans for Igbos in the upcoming election to desist from it as they would not sit still and watch their kinsmen undergo any form of attack.
Culled from Naija News.
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