Supreme Court shifts judgement on naira swap policy to March 3

The Supreme Court, on Wednesday, February 22, 2023 adjourned a case brought before it by some state governments against the Federal Government.

Some state governors elected on the platform of the All Progressives Congress, APC brought a case before the apex court, to challenge the stance of the federal government on the naira redesign policy.

The Supreme Court adjourned the case to March 3, 2023 for the judgement.

The Informant247 recalls that the apex court has ruled that the old naira notes and the new ones should coexist pending the determination of the case brought before the court by some state governors.

The ruling of the apex court implies that the old naira notes are still legal tender in the country pending the determination of the case on February 22, 2023.

Contrary to the verdict of the Supreme Court, President Buhari in a nationwide broadcast ordered the Central Bank of Nigeria, CBN to legalise only the old N200 notes till April 10, 2023 and ban people from spending old N500 and N1000 notes but should make them redeemable at the CBN.

The Informant247 also recalls that 10 states have dragged the President Muhammadu Buhari led government and the Central Bank of Nigeria, CBN to Supreme Court over the redesigned currency policy.

The 10 states persuaded the apex court to declare the disobedience shown by the president to the order of the court as unconstitutional.

The Supreme Court has said the controversy over the scarcity of the naira notes would be resolved today, February 22, 2023.

The 7 man panel of the apex court led by Justice Inyang Okoro revealed that new parties willing to be part of the suit would not be given the opportunity to do so.

He said new parties would need to comply with the decision of the apex court, after the case is determined today.

“You may file a fresh suit after this suit,” Justice Amina Augie said.

The supreme court made this revelation in reaction to the application filed by the Attorney General of Abia State requesting to be part of the suit.