Also, the Attorney General of Kano State, who is a co-plaintiff, argued that President Muhammadu Buhari sidelined members of the National Economic Council and only relied on the advice of the CBN governor in the implementation of the monetisation policy.

He added that the President decided to exercise his powers without consulting with the state governments as required by the law.

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He further said that they have security report that there will be breach of law and order if nothing is done to address the issue of cash scarcity. He added that the Kano State Governor, Abdullahi Ganduje is a member of the council and he told him that the issue was never discussed at the NEC meeting.

Rather, the President relied only on one member of the council, and the CBN governor ignored the finance minister and the vice president who is the chairman of the council.

The Justice pointed out that the President can direct that the old 200 naira notes be brought back as a legal tender, then he is under the jurisdiction of the Supreme Court.

Also, the Attorney General of Jigawa stated that Section 148 of the constitution, compelled the President to seek the advice of the Jigawa State governor as a federating unit but the President did not do so in the Federal Government implementation of the redesign policy.

Back Story

The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.

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However, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has not grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

Also, three State Governors- Kaduna, Zamfara and Kogi have filed another suit against Malami, and the CBN Governor, Godwin Emefiele over contempt of court and their alleged failure to comply with the Supreme Court order on the old naira notes.