 The Supreme Court on Wednesday restrained the federal government from implementing the Friday deadline for the currency swap, a seven-man panel of the apex courts led by Justice John O'Cullough in a unanimous ruling granted the interim injunction restraining the federal government, the Central Bank of Nigeria and the commercial banks from implementing the Friday terminal date of the old Naira notes. On Wednesday, the International Monetary Fund, IMF and the World Bank urged the CBN to extend the time limits. The IMF and the World Bank stated that the short timeframe for the currency was causing hardships across the country. Well, joining us to discuss and break down that Supreme Court judgment is Dr Mundo Bani. He is the chairman NBA section on public interest and developmental law in Spido. Thank you so much for joining us, Dr Bani and happy new year. It's time to you. Thank you for having me. Explain to the lay person what the AGF means by what he said and of course how he described that Supreme Court judgment and what the Supreme Court judgment is because the AGF is also on the grounds that the Supreme Court does not have jurisdiction to even be sitting on this matter that they have already ruled on. So break it down to us for the common person to understand. Yeah, what happened is that of course you and I were aware that there is a federal government policy of redesigning the Naira and then the policy says you have a deadline within which to bring back the old currency and then the new currency now we now take over to operating the country. It was formally supposed to end sometime in I think in general hurry but it was further extended to 10th of February which is tomorrow. Now a lot of people have been experiencing so much hardship concerning this particular policy of the federal government. People are not seeing the old currency. They are not neither seeing the new currency. If you go to bank you have seen the QEQs and all that. You see the people having crisis. As a result of the problem of the policy some of the banks have shut their gate against customers because of the loudness of the behaviour of Nigerians in trying to have access to the money they have in the account. Now three state government went to court straight to Supreme Court. Now there is a particular section of the constitution that allows states whenever they feel there is a legal dispute within the state and the federation. They have the right to bring action before the Supreme Court and that is the instances where the Supreme Court can have what they call original jurisdiction. That is where the Supreme Court now would behave like a court of first instance to hear matters as if it is a trial court. It is on that section 232, subsection 1 of the 1999 constitution as amended. If there is any legal dispute between state and state or between the state and the federation you go straight to the Supreme Court. So those three state government felt that this actually has occasion some legal dispute and they also feel there is a legal right for them to ventilate before the Supreme Court. So they invoke the original jurisdiction of the Supreme Court and brought a motion what you call SPATI without putting the attorney general that is federation or the federal government on notice. As in that maybe they also swear to an avidavit of OJC. So since the deadline is coming and it may occasion very big hardship if the Supreme Court does not intervene. So they ask for extension of time within this monetary policy will become operational and have a deadline but stopping it at 10th of February will occasion so much injustice on the part of the citizens. So they ask the Supreme Court to ask the federal government to maintain what you call status quo and that they should maintain another. They should not in any way go ahead to invent the stoppage of the currency in circulation from tomorrow being Friday. So the Supreme Court now in their wisdom without deciding the issue of the addiction which will come later. That's okay. Since somebody is saying that there is emergency, since somebody is saying that it's going to be an irreparable damage and injury if this particular policy is not stopped or federal government for the meantime can you hold on and then come on 15th of February with whatever your environment or counter avidavit is in order to tell us why we should not stop you from stopping the circulation of the money within the timeline you have given to the entire country. So what happened yesterday by the Supreme Court? Supreme Court just here only decided of the federal government, of the state government, the three state government and say federal government for the meantime stop the stoppage of this policy until you come and tell us why we should not stop it permanently. So that is actually what happened. So I hope I've been able to communicate to everyone to understand what has happened. The Supreme Court is yet to decide on issue of the addiction. Now the federal government, the attorney general of the federal government is saying that the Supreme Court has no jurisdiction over this matter but that cannot be decided until they come formally before the court which I understand they have fired an action to the same one. The federal government, I mean the state government, I mean the Supreme Court has no jurisdiction over this particular matter. So they will file an application. The state government also will reply. So the Supreme Court now will now sit and hear the argument of both attorney general and hear the argument of the state government as to whether the Supreme Court has jurisdiction over the matter that the state government have brought before them. That actually will happen on the 15th of January, I mean of February, which is next week. Okay. Now it's very interesting that the AGF has gotten into this matter. Let's not forget that this search was filed by three state governments pushing on this issue but I want to hear your thoughts. Maybe not just as a lawyer but as a Nigerian because I'm sure that you have also experienced a situation where you are unable, you probably have, you are one of the first people to put in your old money hoping that you can get the new money. But I don't know if you've been able to access any whatsoever and that's been the case for many Nigerians. Those who have to queue for fuel, those who have to pay their way to work and those who have to buy food, those who rely on daily monies, you know, little monies to pay for transportation as opposed to those who can do cash or other. On line transfers. What's your position generally on this move by the central bank? And with the explanation that the central bank governor has given on this particular move because my previous guest is saying or had said that this is not a policy because it was not backed by a policy document. But then well it's happening. Do you think it could have been done a better way and what would have been the other way that they could have done it? Yeah, my thinking is that the policy is nowhere taught out. You are asking people to return the old currency and you give a deadline or you give a deadline that within this particular time there will be enough new monies circulation for everyone. Now you now see that even before the end of the deadline you've given for the return of the old currency. You can't see the old currency, you can't see the new currency. Did you really thought out this particular policy very well? How much of the money have you printed, you know, the new money that should be in circulation? Was even right for you to give a deadline? Knowing fully where the implication of the deadline, but if you give a deadline it's going to create a problem if you have not printed enough money in the system. There is no enough new money circulating in the system. The banks are having problems. They are complaining that enough is not being given to them. So I am a victim. I go to bank and I am being given for the first time in my life, I am being given only 5,000 Naira, and they are giving me old notes and they are telling me please don't even hide it, don't even allow people to say what are you saying. And it took almost two hours for you to give me the 5,000. I have never, for the past 20 years, ever gone to bank to bank to take 20,000 or even 50,000 Naira. The least I would take is 100. They are giving me 5,000. What am I going to do with 5,000? I can't even buy with 5 litres of fuel with 5,000 Naira. So it has created a big problem. You saw the viral video of somebody that even slipped himself naked in the banking hub. You saw the viral video of his son attacking a banker. So the situation has created so much hardship. And then the apps, the apps of the banks are not working. You use your ATM is also not working. So you have not even created a conducive environment for your cashless policy. So it is a policy now that is inflicted more hardship. And you say you targeted it against the politicians. You say no to the politicians on Q. Do you go to any bank and see any politician paying off for any money? It is rather the poor people who are saying on Q. So you have targeted the policy against the politicians. But the politicians are not filling it. I am sure you hear the advice that the particular governor was giving 500 million by bank manager. So the politicians that are targeted are not filling the bank. It is the poor people. So it is not a way to that plan. And everyone was really smiling when central bank actually granted a time order. Accent that this particular policy should not take effect on Friday. It should be extended. So that time will be given for acclimatisation. We should be able to have the new money properly in circulation. Let it get to the hands of people so that we can begin to live our normal life. Now we are living as if we are back to the ages of 17th century where you are not trade by batter. You can't buy anything with cash. You have your money. You can't have access to your money. What kind of, what kind of, are we in a worse situation? So it is not a way to that plan. Another thing is shows lack of competence. It is clearly, clearly, clearly mindless. You know, for people to be going under, going to suffer. You don't have fuel. You don't have money. And then there are queues all over it. And then there is hold up everywhere. And then there is no light. So what is happening? How do you have to operate a policy that is inflicting so much hardship on the people? I think it's no way to talk. To me, I'm very happy with the extension that the Supreme Court case is going to agenda. And if I, I mean, my way to advise the Supreme Court, they should not allow this government to have their way with this issue of dead life. I know that I know those who say, oh, I'm happy with it. It's targeted against those who are going to buy vote and all that. I don't think so. I tell you that it's important that we still have access to the new money and go ahead and buy the vote. If they want to, if Nandilans want to go and take $5,000 and $10,000 in order to vote, it's good and fine. All of us will be victims of bad governance as we vote in bad people from 2023. That's my take on this. You and my previous guests seem to be on the same side. He was a bit more in-depth about some of the policies and programs that this CBN governor has undertaken over the years and how they've all panned out. If this is the case, and we all have seen these things play out over the years, and for Mr President, who actually kept him after the previous government, who retained him, should we not be looking at having a better CBN governor? I mean, I know that this government is coming to a close. But why has the CBN governor been around for so long if these policies and programs have not in any way benefited us, neither has it benefited our economy? The people who have put him there are no better. They don't have any better idea. And they don't see anything wrong he has done in the system. Under his administration, the forex, I mean, our exchange rate is skyrocketed. Today to get a dollar is 750. To get a pound, it's 945 naira pounds under the policy of this present governor. There are many things the man has done wrong. He has messed up our economic system. He has messed up our monetary system. He has messed up, you know, the function of even the CBN. Totally, he's supposed to have been not renewed. His tenure is supposed to not have been renewed. But because the government that actually retained him knows nothing in terms of good governance and all that, they are of the same level. That's why they have retained him. So I think that if new government comes in, MFB should not have retained him. As the central bank governor, he has messed up our system. He's very incompetent. He has not shown, you know, understanding of monetary policy of a country, but he has put us in Joe Buddy economically and he's managing our forex, managing everything about us. I can't have money now to, you know, those who want to train their kids abroad cannot. You know, the policy is so bad. You can't have dollar. You have your money, your dollar account, your domestic account. You say you want dollar now. You can't walk into the bank now and they give you a dollar. You have to apply and wait and they can only give you that one or $2,000. Where does that happen? So it shows that the economy is sick and under a very wrong management, you know, of the central bank governor. So I don't think the man should be returned by any government at a serious after the change of governance in 2023. The money is incompetent. I was not in any way proof that you understand how to manage this and provide. And that is my take about it. Finally, before I let you go, doctor, as much as for some people, this move by the Supreme Court might be a welcome development, it still doesn't change the fact that people still do not have access to monies. People are not able to get monies. I mean, my office is directly opposite a bank and you see people sit, wait, lie down, just waiting and hoping that monies, they can place their hand on monies. Now, don't forget, we're getting close to an election season and we're about 17 or 16 days to the general elections on February 25. How long do you think Nigerians can hold on? How long can they bear what's happening? I mean, you've seen what's happening in your state and several other places and that's just pockets. How long can people hold on, hoping to see these monies? Because it also again looks like these monies are nowhere to be found, even though there is a few places where you can get access to cash, but it's not enough. How long can people hold on to, especially for those who wholly rely on cash? I think there is a meeting that is built for tomorrow between the president and the economic council or whatever their name is. I think they may come up with a policy of trying to address and to get the harshness of this present situation in which we have found ourselves. I think that people cannot hold any longer. People are now smiling, people are getting hungry and the hardship is increasing by the day. So any serious-minded government should be able now to come up with a policy that will make the money available. I don't know what the central governor is planning to do, but the banks, they are not helping matters either. Most of them are involved in holding, even in new currency. Even those who have been given enough are not bringing it into circulation. So I think there must be a change of attitude of the bankers. There must be a change of attitude of central government. I think the government will come up with a policy that will actually help to change the present situation that has actually inflicted so much hardship on Nigerians. That is my take. I think by Friday we should be able to have a career view as to what the government is planning to do. Because as I said, election is in the corner. How are people going to even move? The issue of logistics. The issue of paying those that will be at the put for you. You are agents and you are pulling agents and all that. These things require cash and all that. So I don't know how they are going to do these things. So I think that something has to be done in terms of pronunciation and pronouncement by the government in order to ensure that there is mitigation of the present hardship when I go in. I think that is something that will be done. That is my hope about. Well, Dr Mondobani, always a pleasure to have you join us on the show. Dr Mondobani is the chairman of the NBA section on public interest and developmental law. Thank you so much, doctor, for speaking with us. We appreciate it. Thank you for having me. It's a long time I've seen you. You have a beautiful face on television tonight. Thank you. Thank you. And that's it on the show tonight. Don't forget the elections are a few days away. Get ready. Find out what party you want to vote for. Find out what the logo is. Know all you need to know about. The voting process in itself. It's not enough to get a PVC, but know how to vote so that on that day your vote will be valid and not invalidated. I'm Mary Anna Cohn. Have a good evening.