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Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court - Politics - Nairaland

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Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by fergie001: 12:18pm On Feb 10, 2023
ONDO STATE GOVERNMENT FILED SUIT AGAINST FEDERAL GOVERNMENT AT THE SUPREME COURT IN RESPECT OF CBN DIRECTIVE ON LIMITATION OF CASH WITHDRAWAL FROM BANKS.

* Prayed Supreme Court to stop the implementation of the policy*

* Filed separate application to join the suit instituted by Zamfara, Kaduna and Kogi states at the Supreme Court on deadline issue by CBN on swapping of Old Naira notes for the New Notes.*


Ondo State Government has filed a suit before the Supreme Court of Nigeria, Abuja against the Federal Government in respect of the directive issued through the Central Bank of Nigeria limiting daily cash withdrawals from banks.

In an originating summon filed and signed by the Attorney General of Ondo State, Sir Charles Titiloye Ksm FCArb, on Thursday, Ondo state Government is praying the Supreme Court to stop the implementation of the directive issued by Federal Government through the Central Bank of Nigeria on limitation of daily cash withdrawals from banks which has totally paralysed and brought to a standstill the activities of Ondo state Government and has adversely affected economic and commercial activities in the state.

Ondo state Government contended that the guideline on daily maximum cash withdrawal made by Federal Government is an infraction on the legal rights of Ondo State Government and its citizens to access funds for execution of developmental projects, small credit facilities to petty traders (who have no account in banks) and highly detrimental to daily commercial activities in the state.

Ondo State Government urged the Supreme Court to declare that the Federal Government cannot by directive issued through Central Bank of Nigeria, amend or vary an existing Act of National Assembly particularly Section 2 of Money Laundering Act which relates specifically to limitations on cash withdrawals for individual and Corporate organisation to Five (5) million Naira and Ten (10) million Naira respectively. The updated guidelines issued by CBN now places maximum withdrawal for individual and corporate organisation at N500,000 and Five (5) Million Naira respectively.

Ondo state Government is asking the Supreme Court to decide whether the guidelines issued by Federal Government on maximum daily cash withdrawal and the continuous suffering and hardship caused by the implementation of the said policy is not in conflict with the express provision of section 2 of the Money Laundering Act, Sections 20, 39 and 42 of the Central Bank of Nigeria Act.

Ondo state Government averred that while it has more than 149 Ministries, Departments and Agencies to run on daily basis in a state with more than three (3) million people, less than five hundred thousand people has bank account through which bank transfer can be made. Consequently the policy of the Federal Government has totally paralysed the economy of the state.

Ondo state Government averred that the citizen of Ondo state now spends precious hours at Banks ATM waiting to collect the new Naira note while citizen in the rural areas and villages without Banks and internet facilities have been shut out from receiving or transferring money to meet their daily economic needs

The Government urged the Supreme Court to intervene and stop further implementation of the said Federal Government policy.

In a related case, Ondo state Government filed an application before the Supreme Court seeking to join the suit instituted by Zamfara, Kaduna and Kogi states on the timeframe within which citizens and Government can swap the old Naira Note for the new Naira note. In a motion on notice signed and filed on Thursday 9th of February, 2023, Sir Charles Titiloye Ksm FCArb, the Attorney General and Commissioner for Justice, Ondo State prayed the Supreme Court to join Ondo state Government in the earlier suit filed by the said three states challenging the 10th of February, 2023 deadline for change of Old Naira Notes for New Naira notes by the Central Bank of Nigeria.

The Attorney General noted that Ondo State Government and people are currently experiencing the same excruciating economic and financial hardship occasion by the said incoherent demonetization policy currently introduced by the Federal Government through the Central Bank of Nigeria.

It will be recalled that the Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu SAN recently appealed to President M. Buhari to intervene and stop further implementation of the new Naira Note swap guidelines issued by the Central Bank of Nigeria.

Signed
Kola Adeniyi Esq.
Special Assistant to A. G., Ondo State.

The Kano State Government on Thursday evening filed a suit against the Federal Government at the Supreme Court in respect of the naira redesign policy of the Central Bank of Nigeria.

In suit number: SC/CS/200/2023, sighted by The PUNCH, the Kano State Attorney General, through his Counsel, Sunusi Musa, SAN, is asking the apex court to declare that the President, Major General Muhammadu Buhari (retd.), cannot unilaterally direct the CBN to recall the now-old N200, N500 and N1,000 banknotes without recourse to the Federal Executive Council and National Economic Council, respectively.

The Kano government is praying a mandatory order seeking a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation due to the policy affecting the economic well-being of over 20 million Kano citizens.

The applicant is also seeking for mandatory order, compelling the Federal Government to reverse the naira redesign policy for alleged failure to comply with 1999 Constitution (as amended).

The applicant is similarly praying for mandatory seeking the apex court to compel the Federal Government to reverse the cash swap policy for allegedly not complying with the 1999 constitution and other extant legislation.

“A Declaration that the combined reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the suit read.

In the originating summon, the Kano State Government, further prayed for a declaration, that the president’s directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetisation of Federal Republic of Nigeria without recourse to FEC and NEC respectively is unconstitutional, illegal null and void.

The applicant is also praying for a mandatory order reversing the policy of the Federal Government on the recall of the old currency notes for allegedly failure to comply with the provisions of Constituiton and other extant legislation.

Recall that on Wednesday, the Supreme Court gave an interim order to the CBN not to end the use of old naira notes on February 10, 2023 in an ex-parte application by the three applicant states including Kaduna, Kogi and Zamfara.

SOURCE

28 Likes 3 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by chiefolododo(m): 12:21pm On Feb 10, 2023
Campaign after election

38 Likes 3 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by ojoadeola: 12:22pm On Feb 10, 2023
Supported

50 Likes 5 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by adioolayi(m): 12:29pm On Feb 10, 2023
If you say supreme court cannot entertain some matters.. as it concerns CBN policy..


We will see if Supreme Court cannot entertain the one that bothers on President Buhari's unilateral directive to CBN without recourse to Federal Executive Council..

Plenty wahala everywhere

60 Likes 5 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by quinox947: 12:30pm On Feb 10, 2023
The Supreme Court is fast becoming a destructive tool in the hands of politicians

57 Likes 6 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by AngelicBeing: 12:35pm On Feb 10, 2023
Goal score for NIGERIA MASSES 100, own goal scored by clueless CBN, criminal APC led federal criminals, criminal cabals in Aso Rock + Illiterate Philistine President living inside Aso Rock with fake Harvard University of Katsina degree is - 1000 grin

18 Likes 4 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Nobody: 12:39pm On Feb 10, 2023
Tinubu is the best, Tinubu spoke against the hardship of the naira swap, World bank and IMF supported him

96 Likes 17 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by slivertongue: 12:41pm On Feb 10, 2023
Unnecessary drama

3 Likes 1 Share

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by yarimo(m): 12:42pm On Feb 10, 2023
IPOB terrorists want peaceful protest to start, so that they can hijack it and steal from people

38 Likes 4 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by toneroforever(m): 12:55pm On Feb 10, 2023
Buhari has made up his mind to frustrate the vote buying plans of Tinubu & there's nothing anybody can do about it.
Buhari doesn't care about what the courts say.
The SW should understand that causing unrest in their region because of Buhari's decision to tackle vote buying, won't be in their best interest.
Tinubu is seriously sabotaging the efforts of the CBN to implement the policy and majority of Nigerians support the CBN but want improved cash supply.
Tinubu's & his cohorts antics is a clear case of corruption fighting back.

54 Likes 9 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Franchise21(m): 1:01pm On Feb 10, 2023
Bunch of jokers!

3 Likes 1 Share

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by DissolveAPC: 1:01pm On Feb 10, 2023
I wish this was not election season and the season of vote buying. I would have preferred to see the reaction of these politicians to these injunctions when there's nothing at stake for them. I'm very sure it would be different

31 Likes 4 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by olisefom: 1:01pm On Feb 10, 2023
Corruption is fighting back.

So these clowns can go to court because of the "masses".

32 Likes 2 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by ImpregnaTor(m): 1:01pm On Feb 10, 2023
Extension of the deadline is inevitable!


**

4 Likes 1 Share

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by DennisEche(m): 1:01pm On Feb 10, 2023
smiley
WHY ALWAYS APC STATE? ABI THERE IS SOMETHING THEY ARE NOT TELLING US. THIS POLICY IS ONE OF THE BEST OF BUHARI 8YEARS

26 Likes 2 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by bobobenz: 1:01pm On Feb 10, 2023
WHY IS PRO TINUBU APC STATES DRAGGING APC FG TO COURT ... GOD MAY YOU SET CONFUSION IN THE CAMP OF MY ENEMY LIKE YOU ARE DOING
TO TINUBU AND BUHARI...AMEN

15 Likes 4 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Ogonimilitant(m): 1:01pm On Feb 10, 2023
Corruption is fighting back

17 Likes 1 Share

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Parachoko: 1:01pm On Feb 10, 2023
The best thing right now is for the old and new note to be legal tenders till December 2024

13 Likes

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by bigdammyj: 1:02pm On Feb 10, 2023
Another one?
Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by PrincessofDSS(f): 1:02pm On Feb 10, 2023
Unlimited wailing from APC states

The QUESTION IS,

Why is that it’s only the APC and it’s states that are complaining and going to court about this NAIRA REDESIGN POLICY

16 Likes 2 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Geeman2006: 1:02pm On Feb 10, 2023
Politicians carry this matter for head well well. Ganduje has wads of Cash lying around that he doesnt want to go to waste. grin

23 Likes 3 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Slynation(m): 1:02pm On Feb 10, 2023
This is purely hokum...CBN acted based on ignorance, it's a clear indication that those incharge of making policies are daft and incompetent

18 Likes 5 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by money121(m): 1:02pm On Feb 10, 2023
Ok
Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by AchichaMmuo: 1:02pm On Feb 10, 2023
Na cash out season for Supreme Court judges.

5 Likes

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by Light78: 1:03pm On Feb 10, 2023
yarimo:
IPOB terrorists want peaceful protest to start, so that they can hijack it and steal from people

You are a fool.

The post has nothing to do with IPOB

22 Likes 2 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by shalom62: 1:03pm On Feb 10, 2023
Dragging FG and CBN to court everyday by Governors show there inner motives.
This is 21st century for God's sake

13 Likes 2 Shares

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by providencia(m): 1:04pm On Feb 10, 2023
Can matters get to supreme court without passing through lower court? Someone educate me on this

7 Likes

Re: Naira Redesign: Ondo, Kano State Govts Drag FG, CBN To Supreme Court by princepeter566: 1:04pm On Feb 10, 2023
Any time I think about the situation Nigeria is in right now.
I will imagine what will happen during the antichrist.
If u are not prepared, the best time to prepare is now.

10 Likes 2 Shares

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