Today, being February 22, is the agreed date that The Supreme Court will hear the suit filed by some state governors against the federal government regarding the new Naira redesign policy implementation.
Nigerians have been facing untoward hardship over the policy which has led to the scarcity of Naira notes as the Nigerian government wants to force the citizens to go cashless.
As the Nigerian government through the Central Bank of Nigeria (CBN) remains adamant about implementing the policy, some state governors approached the Supreme Court.
The apex court has adjourned the hearing twice but ordered the FG against implementing the February 10 deadline for the old Naira notes swap.
However, President Muhammadu Buhari ignored the court’s order when he recently announced that only the old N200 notes remain legal tender till April 10. He asked Nigerians to deposit their old N500 and N1000 notes at the CBN and other designated places.
This led to a direct confrontation between him and some governors. Against Buhari’s directive, the governors directed residents of their states to continue to spend the old Naira notes until the Supreme Court rules otherwise.
Today, this will hopefully be settled. Stay tuned as Legit.ng provides live updates of the proceedings at the apex court.
Supreme Court says Naira Crisis Suits Must Be Decided Today.
The Supreme Court has insisted that the dispute over the naira redesign and swap policy must be decided today, according to Daily Trust. The seven-member panel led by Justice Inyang Okoro said new parties wishing to join the suit would no longer be allowed. The panel said new parties would abide by the outcome of the existing suits or file a new one after the determination of the present suit, but that the matter must be determined today.
“You may file a fresh suit after this suit,” Justice Amina Augie said.
Naira redesign policy: Rivers joins suit as Supreme Court hears case
The Rivers state government has joined 10 other states in the suit challenging the naira redesign policy, The Cable stated. At the court session on Wednesday, Emmanuel Ukala, representing Rivers, applied that the separate suit filed by the state should be consolidated with that filed by other plaintiffs. The application was granted by a seven-member panel of the apex court. Recall that the suit was initiated by Kaduna, Kogi, and Zamfara.
Updated list of states fighting FG over Naira redesign policy On February 8,
the supreme court restrained the CBN from giving effect to the deadline following an ex parte application brought by the three states.
Kaduna Kogi Zamfara Ondo Ekiti Katsina Ogun Cross River Lagos Sokoto Rivers
Meanwhile, two other states are on the side of the federal government. They are: Edo Bayelsa