JUST IN: Supreme Court Hears Consolidated Suit On Naira Scarcity

JUST IN: Supreme Court Hears Consolidated Suit On Naira Scarcity

The Supreme Court is set to hear a consolidated suit on the naira redesign policy today (Wednesday), and expectations are high.

The plaintiffs in the suit are the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states, while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.

On February 15, seven states joined the three initial states as co-plaintiffs, while Edo and Bayelsa states joined the Federal Government as co-defendants.

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Both parties’ lawyers have already arrived in court, and Nigerians are expecting a major and definitive decision from the Supreme Court.

Following complaints from many Nigerians, the Central Bank of Nigeria (CBN) extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10, but the Supreme Court, in a suit filed by the states, held that the Federal Government, the CBN, and 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, in a national broadcast last Thursday, President Muhammadu Buhari directed the central bank to allow old N200 notes to circulate alongside new N200, N500, and N1,000 banknotes for 60 days — by April 10, 2023. In addition, he stated that old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

A flurry of reactions and harsh criticisms have been leveled at 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), and Umar Ganduje (Kano), as well as the Speaker of the House of Representatives, Femi Gbajabiamila, the Minister of State for Labour and Employment, Festus Keyamo, and many other members of the ruling APC, have openly condemned and criticized the President’s directive.

Leading Nigerian Senior Advocates such as Femi Falana and Mike Ozekhome have both criticized the President’s move, claiming that he cannot overrule the country’s highest court.

In addition, the governors of Kaduna, Zamfara, and Kogi states have filed another suit against Malami and the governor of the Central Bank of Nigeria, Godwin Emefiele, for contempt of court and alleged failure to comply with the Supreme Court order on the old naira notes.

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