Council of State Asks CBN To Print More New Naira Notes

Members of the Council of State have asked the Central Bank of Nigeria to make the new 200, 500, and 1000 naira notes available.

The house stated this in a meeting held on Friday at the presidential villa and presided over by President Muhammadu Buhari.

The council however asked CBN’s boss, Godwin Emefiele to either print new notes or recirculate old naira notes to ease the suffering of Nigerians.

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This is coming after Abubakar Malami, attorney-general of the federation said the federal government would obey the supreme court order restraining the Central Bank of Nigeria (CBN) from banning the use of the old naira notes from February 10.

A seven-member panel of the apex court led by John Okoro made the ruling on Wednesday in an ex parte application brought by three states: Kaduna, Kogi, and Zamfara

The AGF has also filed a preliminary objection challenging the jurisdiction of the court to entertain the suit.

But in an interview with Arise TV on Wednesday, Malami said the federal government would obey the order in line with the rule of law.

He said,

“The order was granted by the Supreme Court and the order incidentally lapses on Wednesday, which is the day of the hearing, with that position in mind we have taken steps to file an objection challenging the jurisdiction of the court to entertain the matter.”

The minister said:

“Jurisdiction because when you talk of monetary policy, regardless of the characters they take, the central bank is an indispensable and a necessary party for that matter.

“What we have at hand is a situation where the central bank was not joined as a party and if the central bank as an institution was not joined as a party, the position of the law is clear that the original jurisdiction of the Supreme Court cannot be properly invoked.

“So we have given consideration to diverse issues, inclusive of the issue of jurisdiction, and come Wednesday we will argue the case from that perspective, among others.

“I think what we are talking about is not whether the ruling is binding or not binding, we are talking about what we intend to do, there is no doubt about the fact that the ruling of the Supreme Court, regardless of the prevailing circumstances, is binding and then within the context of the rule of law.

“You can equally take steps that are available to you within the context of the spirit and circumstances of the rule of law.

“And what we are doing in essence complies with the rule of law both in terms of obedience to the ruling and in terms of challenging the ruling by way of putting across our side of the story, putting across our case, challenging jurisdiction.

“So the issue of obedience to the ruling of the Supreme Court is out of it. We are wholeheartedly in agreement that naturally, we are bound by it and will comply accordingly.

“But within the context of compliance, we shall challenge the ruling by way of filing an application seeking for it to be set aside, it is all about the rule of law.

”Specifically, the federal government, in its preliminary objection to the suit, insisted that the Supreme Court lacked the necessary jurisdiction to entertain the suit in the first place.

“The federal government argued that the agency (CBN), whose Act was being complained about by the plaintiffs, was a statutory body with legal personality that could sue and be sued in its name.”