Supreme Court Delays Naira Redesign Judgment Till After Presidential Election

The Nigerian Supreme Court has postponed its judgment on the lawsuit filed by ten states seeking to restrain the federal government from implementing the naira redesign policy.

The court’s decision to delay the verdict was announced yesterday, with the new date set for after the upcoming presidential election.

Latest News On Naira Redesign

The Nigerian Supreme Court has postponed the judgment of a lawsuit filed by ten states seeking to halt the federal government from implementing the naira redesign policy. The apex court’s decision to delay the verdict was made public on Monday, with the new hearing date scheduled after the upcoming presidential election. The court adjourned till March 3 for the judgment.

This lawsuit was filed against the Federal Government, the Central Bank of Nigeria (CBN), and commercial banks by the ten states, who are seeking to prevent the implementation of the naira redesign policy. The CBN had extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10 following complaints by many Nigerians. However, the Supreme Court ordered a halt to the deadline pending the determination of a notice in respect of the issue on February 22 after the suit was filed.

The redesign policy aims to improve the security features of the naira and also replace worn-out notes. As part of the policy, the CBN introduced new N5, N10, and N50 polymer banknotes in 2009, and in 2020, introduced a new series of N50, N100, N200, N500, and N1,000 banknotes with enhanced security features. However, the implementation of the policy has been controversial, with some individuals and groups opposed to the introduction of new notes and the withdrawal of old ones.

The Supreme Court’s decision to postpone the judgment comes amid a flurry of reactions and criticisms of President Muhammadu Buhari’s directive to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days, ending by April 10, 2023. The president also stated that old N500 and N1,000 banknotes cease to be legal tender in Nigeria. The directive has drawn criticism from governors of his party, the All Progressives Congress (APC), as well as senior advocates of Nigeria, who have faulted the move, saying that the president cannot overrule the apex court of the land.

Furthermore, three State Governors, namely Kaduna, Zamfara, and Kogi, have filed another suit against the Attorney General of the Federation and Minister of Justice, Abubakar Malami, and the CBN Governor, Godwin Emefiele, over contempt of court and their alleged failure to comply with the Supreme Court order on the old naira notes.

The Supreme Court’s postponement of the judgment on the naira redesign policy has left many Nigerians uncertain about the future of the policy. Some believe that the policy will eventually be implemented, while others believe that the controversy surrounding the policy may lead to its suspension altogether. As the presidential election approaches and with the apex court’s verdict to be delivered after the election, it remains to be seen what impact the election outcome will have on the policy’s future.

This is a developing story, and we will bring you more updates as soon as they become available. Stay tuned for the latest developments on this case.