Naira Swap Policy: SERAP Asks Nigerian Governors To Also Explain Secrecy In Asset Declaration, Security Votes Spending To Supreme Court

The Socio-Economic Rights and Accountability Project (SERAP) has demanded that Nigeria’s 36 state governors should approach the Supreme Court to explain the secrecy in their asset declarations and how they spent security votes.

This comes after the Supreme Court on Wednesday temporarily halted the Nigerian government's move to stop the use of old naira notes on February 10, 2023.

The apex court decision was stated in a ruling given by a seven-member panel led by Justice John Okoro for an ex parte application brought by three northern states of Kaduna, Kogi, and Zamfara.

SaharaReporters reported that the three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

They further cited the inadequacy of the notice coupled with the haphazard manner in which the exercise is being carried out and the attendant hardship same is wrecking on Nigerians, which has been well acknowledged even by the Federal Government of Nigeria itself.

According to the states, the ten-day extension by the Nigerian Government was insufficient to address the challenges bedevilling the policy.

Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion ex parte this application is granted as prayed, “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

But on Thursday while reacting to the Northern governors’ action and the position of the Supreme Court, SERAP said, “We urge the three state governors who rushed to the Supreme Court on the use of old Naira notes, to also urgently go back to the Supreme Court to challenge the secrecy in asset declarations and the spending of security votes by the 36 state governors.”

-sahara reporters