Kaduna, Kogi, Zamfara Drag Federal Govt To Supreme Court Over Naira Swap News Kaduna Kogi Nairaswap
They also cited the inadequacy of the notice coupled with the haphazard manner in which the exercise is being carried out and the attendant hardship same is wreaking on Nigerians, which has been well acknowledged even by the Federal Government of Nigeria itself.
In the suit filed at the apex court, the Plaintiffs have also filed a motion on notice to abridge the time within which the Respondent may file and serve his Counter-Affidavit to the suit and an order for an accelerated hearing of this matter. The Plaintiffs are also urging the court for a declaration that given the express provisions of Section 20 of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, through the Central Bank of Nigeria, has no powers to issue a timeline for the acceptance and redeeming of banknotes issued by the Bank, except as limited by Section 22 of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes.
She maintained that several transactions still require cash in exchange for goods and services hence the need for the Federal Government to have sufficient money available in circulation for the smooth running of the economy. “Most people in rural areas of the Plaintiffs’ states do not have bank accounts and have so far been unable to deposit their life savings which are still in the old naira notes.
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