The Supreme Court will today put to rest, the controversy surrounding the naira swap policy of the Central Bank of Nigeria (CBN).
The court had on February 22 fixed today for judgment in a suit by 17 states challenging the policy which has for months caused naira scarcity and untold hardship to Nigerians and their business.
This was after constituting a seven-member panel to entertain the suit and directing the plaintiffs (the 17 states) to consolidate their briefs.
The plaintiffs are Kaduna, Kogi, Zamfara, Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto, Rivers, Kano, Niger, Jigawa, Nasarawa, Plateau and Abia states.
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The defendants are the Federal Government, Edo and Bayelsa states.
In their separate cases that were consolidated, the plaintiffs argued that the policy was unconstitutional and should be voided.
In a counter reaction the defendant wants the court to dismiss the suit for want of jurisdiction and for being incompetent.
The defendants argues that references were made to the CBN 32 times in the plaintiffs’ originating summons and supporting affidavit, while seven reliefs were sought against the apex bank, which was not made a party in the suit.
