Malami Asks Supreme Court to Dismiss Suit on Naira Swap

The Attorney-General of the Federation (AGF), Abubakar Malami, on Wednesday asked the Supreme Court to dismiss a suit filed by three state governments challenging the naira redesign policy of the Central Bank of Nigeria (CBN), reports Channels TV.

In a preliminary objection submitted by the AGF through his lawyers, Mahmud Magaji and Tijanni Gazali, the Federal Government maintained that the Supreme Court lacked jurisdiction to hear the case.

In court filings dated February 8, 2023, the AGF contends that “the plaintiffs have equally not shown reasonable cause of action against the defendant.”

They are asking the court to strike out the suit for lack of jurisdiction.

Citing justifications for their opposition, they contend that the State Governments’ lawsuit challenges the Federal Government to remove outdated banknotes from the financial system and replace them with new ones through the CBN, the Federal Government’s institution.

With reference to Section 251 of the Constitution, the defence lawyers argue that the suit falls within the exclusive jurisdiction of the Federal High Court in matters of monetary policy of an agency of the Federal Government.

“The claims or reliefs are not against the federation, but the Federal Government and its Agency, the Central Bank of Nigeria.

“The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the Federation of Nigeria.

“This suit has disclosed no dispute that invokes this (Supreme) Court’s original jurisdiction as constitutionally defined,” the AGF added.

Three state governments – Kaduna, Kogi and Zamfara –  had sued the Federal Government over the naira redesign policy of the CBN.