Supreme Court Adjourns Naira Redesign Case Against Buhari’s Government Till March 3

The Supreme Court has adjourned the case instituted by the state governments against the Federal Government under President Muhammadu Buhari’s administration challenging the implementation of the naira redesign.

The apex court adjourned the case to March 3, 2023, for judgement.

The development may have dashed hopes of many Nigerians and businesses waiting for early resolution of the impasse resulting in scarcity of the naira notes which has brought untold hardship to the citizens.

Recall that 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 but the Supreme Court, after a suit filed by the 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, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
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There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).