Economy
Just In: Supreme Court adjourns Naira redesign case till……
The Supreme Court has adjourned a case by the state governments against the Federal Government challenging the naira redesign.
The Zenith court adjourned the case today, Wednesday to March 3 for judgment. At least 17 states have joined a consolidated suit demanding the prohibition of President Muhammadu Buhari from suddenly implementing the redesign of the national currency.
The Supreme Court, after hearing from dozens of lawyers on both governor’s and federal government’s sides, said a judgment would be delivered on the matter next month. The judgment date will be after the presidential election on February 25. The court had previously issued an order saying the old notes should remain in circulation.
Arguments during today’s hearing focused on a contempt decision against Attorney-General Abubakar Malami, who had failed to implement the court’s decision for old notes to keep circulating until a substantive ruling on the matter.
The states, including Kaduna and Lagos, sued the Buhari regime earlier this month, arguing that implementing a change of banknotes at this time would harm citizens.
Recall that Banks have not been able to make available new notes to Nigerians, which has caused economic hardships. The Central Bank of Nigeria, which introduced the new notes on Mr. Buhari’s directive, said it would try to make available the much-sought N500 and N1,000 notes.
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