The fate of Nigerians on the Naira swap remained undecided as the Supreme Court, today, in Abuja, adjourned its hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023.
Recall that three states: Kaduna, Kogi and Zamfara, last week, filed a suit against the Federal Government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria. The motion subsequently gained impetus as nine additional states also filed to join the suit. The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo, and Sokoto states, bringing the total of plaintiffs to 10 states. In a different twist, two opposing states, Edo and Bayelsa also filed to be joined as respondents.
However, the seven-man panel led by Justice John Okoro ordered the plaintiffs to amend their processes to be heard as one. Meanwhile, pending hearing, the old order to suspend the ban of the old ₦200, ₦500 and ₦1,000 notes subsists. This development follows the decision of the Supreme Court last Wednesday in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the CBN’s February 10 deadline for the swapping of the old naira notes with the new ones.
Meanwhile, the Presidency has maintained that neither the government nor the CBN has taken a stance on the old ₦200, ₦500 and ₦1,000 notes as legal tender knowing that the case is still pending before the Supreme Court. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the FG would make its position known on the new naira policy after the determination of the suit next Wednesday.
“Following series of enquiries, we wish to state that it is not true that the FG or the CBN has taken a pre-emptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court, said Mr Shehu.
Notably, the Federal Government’s continuous stance on the ban of the old Naira notes: ₦200, ₦500, and ₦1000 has generated mixed reactions and confusion across the country as banks, filling stations, and a growing number of merchants are no longer accepting the old notes as legal tender. This has had a major impact on trade and services across the country.
