Saturday, October 4, 2025
  • Who’sWho Africa AWARDS
  • About TimeAfrica Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » Supreme Court Yet To Take Decision On Naira Swap Policy, Says Ozekhome

Supreme Court Yet To Take Decision On Naira Swap Policy, Says Ozekhome

February 9, 2023
in News
0
541
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

A Senior Advocate of Nigeria (SAN), Mike Ozekhome, says the Supreme Court has yet to take a decision 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-man panel of the apex court led by Justice John Okoro, in a unanimous ruling on Wednesday, granted an interim injunction restraining the Federal Government from implementing the CBN’s ultimatum.

The judgement followed a motion ex-parte on behalf of three northern states – Kaduna, Kogi and Zamfara – filed on February 3rd, by their lawyer, AbdulHakeem Mustapha (SAN), praying the apex court to halt the CBN naira redesign policy.

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

ReadAlso

₦31 Trillion Vanished Into Thin Air – Oshiomhole Slams Buhari’s Fiscal Legacy

Labour Party Publishes Full Supreme Court Ruling to Quell Controversy Over Leadership Dispute

“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.

ADVERTISEMENT

“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.

Lower Courts Vs Supreme Court?
On Monday, Justice Eneojo Eneche of the Federal Capital Territory (FCT) High Court stopped the CBN, President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10, or issue any directive contrary to the said date.

But Ozekhome argued that other courts in the hierarchy of courts 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 highlighted the significance of a full constitutional panel of seven justices in the ruling, saying in such a case, the Supreme Court should invite amica curiae – “friends of the court”.

According to him, the Supreme Court should invite “very respected senior lawyers” to give their opinions in writing.

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

“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.”

Tags: Central Bank of NigeriaMike Ozekhomenaira notes.Supreme Court
ADVERTISEMENT
Previous Post

In its efforts to weaken the US dollar, Russia grows use of China’s yuan

Next Post

Naira Swap: AGF Asks Supreme Court To Dismiss State Govts’ Suit Challenging CBN’s Policy

You MayAlso Like

News

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

October 2, 2025
News

Moroccans clash with police during protests against World Cup spending

October 1, 2025
ExxonMobil Foundation Brings STEM Regional Competition to African Energy Week
News

ExxonMobil Foundation Brings STEM Regional Competition to African Energy Week

September 30, 2025
CLG: Africa Offers Growing Potential for Cross-Border Investment (1)
News

CLG: Africa Offers Growing Potential for Cross-Border Investment

September 30, 2025
News

Democratic Republic of Congo Minister of Mines to Speak at African Mining Week 2025

September 30, 2025
News

Egyptian ‘strong man’ pulls 700-ton ship with his teeth

September 28, 2025
Next Post

Naira Swap: AGF Asks Supreme Court To Dismiss State Govts’ Suit Challenging CBN’s Policy

Earthquake death toll tops 7,700 in Turkey and Syria as race for survivors continues

Discussion about this post

Woman appointed Archbishop of Canterbury 

FIFA Strips South Africa of World Cup Qualifying Points After Administrative Blunder

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

Egyptian ‘strong man’ pulls 700-ton ship with his teeth

Prince Harry issues strongly-worded statement over King Charles meeting

Six beers that are good for your gut health – and the ones to avoid

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1242 shares
    Share 497 Tweet 311
  • Maids trafficked and sold to wealthy Saudis on black market

    1067 shares
    Share 427 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    973 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Woman appointed Archbishop of Canterbury 

October 3, 2025

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

October 2, 2025

Poor sleep could make your brain age faster, study finds

October 3, 2025

Moroccans clash with police during protests against World Cup spending

October 1, 2025

ABOUT US

Time Africa Magazine

TIMEAFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIMEAFRICA MAGAZINE biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About TimeAfrica Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.