Supreme Court Yet To Take Decision On Naira Swap Policy – Ozekhome Makes Huge Revelation

Supreme Court Yet To Take Decision On Naira Swap Policy – Ozekhome Makes Huge Revelation

According to Mike Ozekhome, a Senior Advocate of Nigeria (SAN), the Supreme Court has yet to rule on the Central Bank of Nigeria (CBN) policy that stipulates a February 10 deadline for old N200, N500, and N1,000 banknotes.

This comes after a seven-member panel of the Supreme Court, led by Justice John Okoro, granted an interim injunction on Wednesday, preventing the Federal Government from carrying out the CBN’s ultimatum.

The decision came in response to a motion ex-parte filed on February 3rd on behalf of three northern states – Kaduna, Kogi, and Zamfara – by their lawyer, AbdulHakeem Mustapha (SAN), requesting that the CBN naira redesign policy be halted.

However, Ozekhome clarified in a live appearance on Channels Television’s special election programme The 2023 Verdict that the judgment was not a definitive stance on the CBN’s currency swap policy.

Read Also Drama As Teacher Is Caught In Student’s House Doing The Unthinkable (VIDEO)

“The Supreme Court has not decided the matter. All it has done is to fall back to a decision like Kotoye v. CBN, that in matters of extreme urgency, you can grant an interim order, even if it be ex parte, to prevent the subject matter of the suit being truncated.

“If, for example, the Supreme Court, did not make that order, and the only order existing is that of the High Court, it means that the CBN, by 10th of this month, will stop the use of all old notes.

“But what the Supreme Court has said is, ‘Just wait, let us listen to you people,’ not that it has decided that Zamfara, Kogi and Kaduna states have any valid case that is actionable because the action is already being challenged with a preliminary objection.

“It is another way of saying, ‘Let us first drive away the fox before we blame the fowl for wandering too far into the forest,’” he said.

Read Also [BREAKING] Naira Swap: AGF Asks Supreme Court To Dismiss State Governments’ Suit Challenging CBN’s Policy

On Monday, Federal Capital Territory (FCT) High Court Justice Eneojo Eneche barred the Central Bank of Nigeria (CBN), President Muhammadu Buhari, and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10, or issuing any directive contrary to the said date.

However, Ozekhome argued that other courts in the court hierarchy must “blow muted trumpets” when matters are being heard in the apex court.

“Notwithstanding the fact that a high court or Federal High Court had granted an order telling the CBN, ‘You can stop this naira swap policy on the 10th of February as you have decided to do,’ the Supreme Court today said, ‘Hello? Don’t do that!” he said.

He explained that apex court’s judgement allows the old and new naira to be in the same position – status quo ante bellum, which according to him means “the state of affairs before the crisis broke out.”

“[The Supreme Court says] ‘Allow it to continue. Come back on the 15th of February and let us hear you people,’” he added.

The senior lawyer emphasized the importance of a full constitutional panel of seven justices in the ruling, saying the Supreme Court should invite amica curiae – “friends of the court” – in such a case.

He believes the Supreme Court should invite “very respected senior lawyers” to submit written opinions.

“I also believe – if you ask me – three attorneys-general of three states, Kogi, Kaduna, and Zamfara, have gone to court,” he said of the three governments’ suit against the Federal Government.

“Question: Any decision arrived at by the Supreme Court, will it not affect the other 33 attorneys-general of Nigeria? The answer is in the affirmative. It will.

“I also think this is the type of matter in which the Supreme Court should also suo motu, even if they did not apply to be joined, join all the attorneys-general of the federation, so that the matter could be decided once and for all.”

For More News Join Our WhatsApp Group With This Link Below

https://chat.whatsapp.com/HlD7kmxUzAc2lwlP7yuXzk