Updated: Naira Scarcity: Supreme Court Set To Deliver Judgement Today

• Governor Nasir El-Rufai of Kaduna State, Kogi State, Yahaya Bello and Zamfara State Governor, Bello Matawalle in court to witness the judgement. 

The Supreme Court is set to deliver judgement in a suit brought against the Federal Government on the naira redesign policy.

The judgment initially slated for 9 am would now be delivered by 10 am, although no reason was given for the sudden change in time.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

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The Supreme Court on Wednesday adjourned a case instituted by the state governments against the Federal Government challenging the implementation of the naira redesign.

The apex court adjourned the case to March 3 for judgement.

Nigerians are in high spirits as they await the Supreme Court to deliver final judgement on the naira redesign policy.

Recall that at the last hearing on February 15, seven states joined the suit against the Federal government made initially by three states, while Edo and Bayelsa states joined the Federal Government as co-defendants.

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.

No State Governor was at the supreme court at the time of filling this report.

Lawyers of both parties are present at the Supreme Court even as Nigerians expect a major and definitive decision by the apex court.

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, however, the Supreme Court, after a suit filed by some 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, last Thursday, President Muhammadu Buhari, in a national broadcast directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days — till April 10, 2023.

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