Akeredolu, Ganduje Sue FG, As Battle Against CBN’s Naira Redesign Policy Intensifies

Ondo State Governor, Rotimi Akeredolu, and the Governor of Kano State, Abdullahi Ganduje, have also filed a suit against the Federal Government over the Central Bank of Nigeria’s (CBN) Naira redesign policy.

Akeredolu approached the Supreme Court to debate the legality of the cash withdrawal limit and the impact the Naira redesign policy has had on the people of Ondo State.

According to a court filing through the state’s Commissioner for Justice and Attorney-General, Charles Titiloye, the intend for the “Supreme Court decide whether the guidelines issued by the government on maximum daily cash withdrawal and the hardship caused by the implementation of the policy were not in conflict with the provision of section 2 of the Money Laundering Act, sections 20, 39 and 42 of the CBN Act. 

“The guideline on daily maximum cash withdrawal made by the national government is an infraction on the legal rights of the Ondo 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,” part of the court document reads. 

Also, the government of Kano State wants the Supreme Court, in its own suit, to declare that without the approval of the Federal Executive Council (FEC) and National Economic Council (NEC), the President of Nigeria can’t recall the old N200, N500, and N1,000 banknotes from circulation. 

Kano State’s Counsel, Sunusi Musa (SAN), demands that the Apex court void the Naira redesign policy, arguing that it doesn’t comply with the 1999 (as amended) constitution of the FRN. 

Musa also asserted in the summons that retrieving the cash in circulation will affect the economic well-being of Kano State’s residents. 

Part of the court document reads, “A Declaration that the combine 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.”

Recall that the Federal Government had also been sued by the Zamfara, Kaduna and Kogi States’ governments over the Naira redesign policy.

Fakoyejo Olalekan

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