The Supreme Court of Nigeria has put a pause on the controversial naira redesign policy until March 3, 2023. The seven-member panel announced their decision on Wednesday, leaving Nigerians eager for the final verdict.
The case was initiated by Kaduna, Kogi, and Zamfara before the supreme court, seeking to prevent the federal government from enforcing the deadline on the use of old N200, N500, and N1,000 notes.
However, the suit faced opposition from the governors of the All Progressives Congress (APC), who claimed the policy was a political move to discredit the party ahead of the elections.
With the verdict just around the corner, the entire country is on edge. Will the naira redesign policy stand, or will it crumble under the pressure of opposition? Stay tuned to find out.
16 States Unite to Challenge Naira Redesign Policy in Supreme Court
The fight against the naira redesign policy rages on as six additional states, including Rivers, Kano, Niger, Jigawa, Nasarawa, and Abia, join the suit. This brings the total number of states challenging the policy to 16, with more states seeking to join the suit.
The Supreme Court had previously restrained the CBN from enforcing the deadline after an ex parte application from the first three states. However, the implementation of the policy has caused hardship for Nigerians, according to the plaintiffs.
Representatives from Kaduna and Kogi states, including Abdulhakeem Mustapha, asked the supreme court to dismiss the AGF’s preliminary objection to the suit for violating the supreme court order of February 8. Meanwhile, Jigawa state, represented by Abiodun Owonikoko, called for the directive in President Muhammadu Buhari’s speech on February 15 to be set aside.
As the battle continues, the fate of the naira redesign policy hangs in the balance. Will the Supreme Court rule in favor of the plaintiffs, or will the policy stand? Only time will tell.
“We urge the court to set aside the directive of President Buhari limiting the supreme court’s directive to only the old N200 note. It is a disrespect to the authority of the court,” he said.
Moyosore Onigbanjo, attorney-general of Lagos, also asked the court to prohibit the AGF or his principal, President Buhari, from being granted an audience until they comply with the order made on February 8.
He said the suit was not filed for Lagos residents but for the state government itself.
“The policy has impacted on Lagos state and is affecting the government from carrying out its constitutional functions,” he said.
Given the adjournment of the supreme court, the judgment can only be delivered after the presidential election billed for Saturday, February 25.
President Muhammad Buhari Approves N200 As Legal Tender