JUST IN: Supreme Court Fixes March 3 For Judgement In Suit Against Naira Redesign Policy

The Supreme Court has fixed March 3rd, 2023 as the date it will deliver judgement in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN).

Supreme Court Delivers Judgement March 3 For Naira Redesign Suit

The supreme court announced the decision on Wednesday.

Recall that governors elected under the platform of the All Progressives Congress (APC) had said that the policy was aimed at making the ruling party unpopular ahead of the elections.

By the apex court adjournment of the suit,  judgement will now be delivered after the presidential election holding on Saturday, February 25th.

Sixteen states filed the suit with the latest being Rivers, Kano, Niger, Jigawa, Nasarawa, and Abia.

The suit was initiated by Kaduna, Kogi, and Zamfara before the supreme court.

The states are seeking to restrain the federal government from giving effect to the deadline on the use of old  N200, N500, and N1,000 notes.

Kanyi Daily reported that the Supreme Court on February 8, temporarily restrained the CBN from implementing its deadline following an ex parte application brought by the three states.

Subsequently, several states approached the apex court to be joined in the suit.

Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states were among the first batch to be joined as co-plaintiffs, while Edo and Bayelsa states joined the attorney-general of the federation (AGF) as defendants.

The plaintiffs are arguing that the implementation of the policy has caused untold hardship for Nigerians.

The states had asked the supreme court to declare President Muhammmadu Buhari’s directive reintroducing the N200 notes and declaring old N500 and N1000 notes as unconstitutional.

Buhari had on Thursday last week, directed the Central Bank of Nigeria (CBN) to recirculate only the old N200 notes as a measure to reduce the naira scarcity and suffering of Nigerians.

Meanwhile, Kanyi Daily reported that the National Chairman of the All Progressives Congress (APC), Abdullahi Adamu on Sunday, said the party is in support of the position of its governors on the naira redesign policy.