A Federal Capital Territory (FCT) high court ordered the Central Bank of Nigeria (CBN) to fully execute the divisive naira redesign policy on Monday, February 6.
On Wednesday, February 8, the Supreme Court issued a decision that was in contrast. The CBN’s deadline of February 10 for exchanging old notes for new ones was suspended by the supreme court. Remember that the CBN governor, Godwin Emefiele, met with President Muhammadu Buhari, and as a result, the apex bank changed the date originally slated for the old notes to lose their legal tender status from January 31 to February 10.
The situation has not changed despite the deadline extension because Nigerians are still only able to purchase the old notes via Point of Sales (PoS) sellers. Will the Supreme Court’s decision finally resolve the situation involving naira notes? Three important details concerning the Supreme Court’s decision are as follows:
The lawsuit was filed by three APC governors. Three All Progressives Congress (APC) governors from the north brought the lawsuit that the Supreme Court decided on: Governors Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle (Zamfara). In an effort to stop the full implementation of the CBN’s naira redesign strategy, the three governors took the CBN and the Federal Government to the Supreme Court.
The Supreme Court halted the deadline in the interim. It’s significant to note that the Naira Redesign Policy has not been suspended by the Supreme Court.
Instead, the CBN’s plan to outlaw the use of the old naira notes as of February 10, 2023, was temporarily halted by the apex court in its decision on Wednesday. The judge issued the decision while the APC governors’ lawsuit was still being heard and decided.
The case will be heard by the Supreme Court on February 15 The Supreme Court has in the interim suspended the February 10 deadline. On February 15, the court will hear the primary lawsuit brought by the APC governors.
A Senior Advocate of Nigeria (SAN), Mike Ozekhome, commented on the development and said that the ruling by the supreme court permits the old and new naira notes to be in the same position. “Allow it (the expenditure of old notes) to continue, the Supreme Court says. Return on February 15 so that we can hear from you.
According to a different source, Governor Nasir El-Rufai advised traders, particularly those in the state of Kaduna, to keep using the old naira notes for their transactions. This was said by the governor of Kaduna state during a meeting with the traders on February 7th. Governor El-Rufai explained his recommendation by claiming that Asiwaju Bola Ahmed Tinubu, the APC’s presidential candidate, will reconsider the naira redesign strategy if he wins the election.
