Tension as Supreme Court gives verdict on Naira Redesign

Nigeria’s Supreme Court is set to make a ruling on the country’s new naira policy, which has been challenged in court by several state governments.

The Central Bank of Nigeria (CBN) policy involves a currency swap and a redesign of the naira.

The plaintiffs, which include Kaduna, Kogi, Zamfara, Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto, Rivers, Kano, Niger, Jigawa, Nasarawa, Plateau, and Abia states, have challenged the policy’s constitutionality.

The Supreme Court has set March 3 as the date for its ruling on the matter. Bayelsa and Edo states were added as co-defendants in the case after an application by the states.

In court, the plaintiffs’ lawyers argued that the policy has led to hardship for Nigerians and violates Section 17(2)(c) of the Nigerian Constitution, which stipulates that governmental actions must be humane.

Lawyers representing the states, including Abdulhakeem Mustapha (SAN), Abiodun Owonikoko (SAN), Moyosore Onigbanjo (SAN), Samuel Ologunorisa (SAN), Shuaibu Abuwa (SAN), Tunde Afe Babalola (SAN), O. O. Olowolafe (SAN), Charles Titiloye (SAN), and Georgina Udeh, urged the court to dismiss the objections raised by the Attorney General of the Federation (AGF) and Bayelsa State and grant all the reliefs sought in the suits filed by Kaduna, Kogi, and Zamfara states.

Meanwhile, the defendants, which include the AGF, Bayelsa and Edo states, argued that the suit lacked jurisdiction and was incompetent. They also noted that necessary parties, including the Governor of the CBN, were not before the court.

The defendants also sought the dismissal of Form 48 issued to the AGF and the Governor of the CBN. They argued that President Muhammadu Buhari did not flout the court’s order in his February 16 broadcast on the new naira policy, insisting that it was a necessary intervention.

The state of Lagos filed a separate suit in which it sought an order prohibiting the defendant/respondent (the AGF) from being granted an audience before the court until the defendant or his principal, the President of Nigeria, complies with the court’s order made on February 8, directing that old notes remain legal tender until the determination of the suit. Lagos State argued that the policy was affecting its ability to perform its functions and meet its responsibilities.

The Supreme Court’s ruling on the new naira policy will have significant implications for Nigeria’s economy and the well-being of its citizens. The country’s currency swap and redesign of the naira have been controversial, with many Nigerians voicing their concerns about the policy’s impact on their livelihoods.

The Supreme Court’s decision will bring clarity to the issue and provide guidance on the constitutionality of the policy. Regardless of the outcome, the ruling will have far-reaching implications for Nigeria’s economic policies and its citizens’ rights