Kano state sues FG over naira redesign, sights constitutional faults
Kano, a northwest state in Nigeria has dragged the federal government before the supreme court over the Central Bank of Nigeria’s (CBN) naira redesign policy.
The state attorney general through his counsel, Sanusi Musa, prayed to the apex court to declare that President Muhammadu Buhari cannot singlehandedly direct the CBN to recall old N200, N500 and N1000 notes in a suit SC/CS/200/2023, The Punch reported.
In the suit, the state is asking the court to declare that the President needed to consult with the Federal Executive Council and National Economic Council before taking such action.
According to the case file, the state wanted the court to issue a mandatory order for the federal government to reverse the policy to recall the N200, N500 and N1,000 notes from circulation.
It argued that the policy is badly affecting the economy and the well-being of over 20 million people of Kano state.
Kano state also wanted the supreme court to compel the federal government to reverse the naira redesign policy, alleging that the policy failed to comply with the 1999 constitution as amended.
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