The supreme court has adjourned the case filed by the state governments against the naira redesign policy to March 3 for judgement.
Over 12 state governments are challenging the naira redesign policy introduced by the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the supreme court, after hearing a suit filed by the states, held that the federal government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.
However, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
Also, three State Governors- Kaduna, Zamfara, and Kogi have filed another suit against 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.
