The legal battle between the Federal Government and some states over the naira redesigning policy of the Central Bank of Nigeria will take centre stage today as the Supreme Court continues hearing on the matter.
Kaduna, Zamfara and Kogi state governments had dragged the Federal Government to the apex court to challenge the currency policy.
The Supreme Court had earlier issued an ex parte order restraining the Federal Government from implementing the February 10 deadline for the end of the usage of old N200, N500, and N1000 as legal tender.
However, the order has been substantially ignored as the CBN announced on Monday the old notes had ceased to be legal tender since February 10.
The states are arguing that the Federal Government does not have the power to unilaterally approve the CBN redesigning and implementation of the demonetisation economic policy without the Federal Executive Council and the National Economic Council, respectively.
They argued that the residents of their states have been left stranded, cash-strapped and frustrated leading to riots, grievous interruption of commercial activities and a gradual economic downturn.
Kano, Ondo and Ogun state governments have joined the suit.
