Facts:

The Plaintiffs commenced this action by way of originating summons alleging that On October 26, 2022, the Governor of the Central Bank of Nigeria (CBN) announced that the President of Nigeria had approved the redesign and circulation of new ₦200, ₦500, and ₦1000 notes, with the old notes to cease being legal tender by January 31, 2023. The CBN further imposed strict cash withdrawal limits and other measures intended to promote a cashless economy and combat illicit financial practices.

However, there was widespread scarcity of the new notes, causing severe hardship across the country. Citizens were unable to access their funds, and state governments claimed that the policy crippled economic activities, especially in rural areas. The plaintiff states (Kaduna, Kogi, Zamfara, and others) alleged that the President implemented the policy without consulting constitutional bodies such as the National Council of State, National Economic Council, or the Federal Executive Council, as required under a democratic federal structure.

They further contended that the directive violated Section 20(3) of the CBN Act 2007, which requires “reasonable notice” before the withdrawal of legal tender, and infringed on their constitutional powers and the welfare of their citizens. The plaintiffs therefore invoked the original jurisdiction of the Supreme Court under Section 232(1) of the 1999 Constitution, seeking declarations that the policy was unconstitutional and orders suspending its implementation