A Federal High Court sitting in Akure, Ondo State has resolved to wait on the Supreme Court, as it adjourned hearing in a suit brought against the Central Bank of Nigeria (CBN) by a group, Social Rehabilitation Grace and Supportive Initiative (SRG).
The group is challenging the CBN over the voiding of old N200, N500 and N1000 Naira notes within a period considered too short.
When the matter was mentioned, the trial judge, Hon. Justice T. B Adegoke, said it was improper for her court to commence trial as the suit is similar to the one pending before the Supreme Court, which is the highest court in the land.
At the mentioning of the case, counsel to the SRG, Ukpabi Owolabi, said the group had brought a motion on notice to amend its originating summons, and also a second motion on notice for interlocutory injunction.
But the counsel to the CBN, Prince AderemiAdekile, countered that the motion to amend the group motion was served on him 24 hours ago, as against 48 hours.
In her ruling, however, Justice Adegoke stressed the need to wait for the supreme court judgement.
The decision of the Federal Government to phase out the N200, N500 and N1000 old Naira notes as valid legal tenders, has created a wide rift among various states of the federation.
Though only three northern states- Kogi, Kaduna and Zamfara- initially instituted an action to challenge the new monetary policy that was introduced by the Central Bank of Nigeria, CBN, however, when the matter came up before the Supreme Court on Wednesday, seven other states applied and were joined as co-plaintiffs in the suit.
The states the apex court allowed to come into the case to challenge FG’s decision, were; Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states.
Similarly, President Muhammadu Buhari’s home state, Katsina, also persuaded the court to allow it to file legal processes to nullify the new monetary policy.
On the other hand, Edo and Bayelsa state threw their weight behind FG and the CBN.
