Many Nigerians have been perplexed by the federal government’s legal pronouncements on the naira redesign policy.
On Monday, February 6, a Federal Capital Territory (FCT) high court ordered the Central Bank of Nigeria (CBN) to carry out the controversial naira redesign policy in its entirety.
The court barred the Central Bank of Nigeria from extending the February 10 deadline for the use of old naira notes.
However, the Supreme Court ruled in the opposite direction on Wednesday, February 8. The Supreme Court postponed the February 10 deadline for exchanging old naira notes for new ones issued by the CBN.
After meeting with President Muhammadu Buhari, the CBN governor, Godwin Emefiele, moved the deadline for the expiration of the legal tender status of the old notes from January 31 to February 10.
Despite the extension of the deadline, the situation has remained unchanged, as Nigerians are unable to obtain the new notes while Point of Sales (PoS) vendors continue to sell them the old notes.
Will the Supreme Court’s decision finally put an end to the naira note crisis? Here are three key facts about the Supreme Court’s decision:
1. The suit was filed by three APC governors.
The Supreme Court heard a case brought by three All Progressives Congress (APC) governors from the north: Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), and Bello Matawalle (Zamfara)
The three governors took the CBN and the federal government to the Supreme Court, seeking a halt to the full implementation of the apex bank’s naira redesign policy.
2. The Supreme Court temporarily suspended the deadline.
It should be noted that the Supreme Court has not halted the naira redesign policy.Rather, the Supreme Court temporarily halted the CBN’s move to ban the use of old naira notes on February 10, 2023 in its ruling on Wednesday.
The ruling was issued pending the hearing and determination of the APC governors’ case.
3. The Supreme Court will hear the case on February 15th.
Meanwhile, the Supreme Court has suspended the February 10 deadline. The main suit filed by the APC governors, however, will be heard by the court on Wednesday, February 15.
In response to the news, Senior Advocate of Nigeria (SAN) Mike Ozekhome explained that the Supreme Court’s decision puts the old and new nairas in the same position.
“[The Supreme Court says] ‘Allow it (spending of old notes) to continue. Come back on the 15th of February and let us hear you people,’”
Channels TV quoted the lawyer as saying.