March 26, 2023

While it was noted that 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 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.

Katsina had also persuaded the court to allow it to file legal processes to nullify the new monetary policy but on the other hand, Edo and Bayelsa state threw their weight behind FG and the CBN.

However, the apex court said it would consolidate all the cases, stressing that all the states would abide by its decision on the matter.

Recall that the Supreme Court had on Wednesday adjourned the suit filed by Governors to challenge the naira redesign policy of the Central Bank of Nigeria (CBN) to Wednesday February 22.

Marvelous Ogidi

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