As the Supreme Court holds its second sitting today, Wednesday, February 15, to determine the suit brought before it over the lingering crisis and controversies surrounding the new naira redesign policy, there is apprehension across the country as Nigerians await the final decision of the apex court.
Ikeja Bird recalls that three states: Kogi, Zamfara and Kaduna, had filed an injunction before the apex court seeking a stop to the naira redesign policy, which has brought hardship to the masses.
Speaking through their lawyer Mustapha, SAN, the three states applied for an order of interim injunction restraining the FG through the CBN or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame in which the older versions of the N200, N500 and N1000 notes may no longer be legal tenders.
But in a judgement on Wednesday, February 8, the Supreme Court banned the federal government and the Central Bank of Nigeria from enforcing a deadline on the old notes.
The apex court also said it would determine the case on February 15, when it might have heard from the government.
Meanwhile, the federal government, through the attorney general of the federation, Abubakar Malami, filed an objection against the Supreme Court ruling, saying it lacks jurisdiction to give verdicts on cases involving the CBN’s policy.
Amid intrigues, more states, including Kano and Ondo, have joined Kaduna, Kogi and Zamfara in the suit, which will be determined today as the CBN insisted that the old naira notes are no longer accepted as legal tender in the country.
As the apex court gives its final verdict today, there is fear across the country on whether the pendulum will swing in favour of CBN and the federal government or the masses who have resulted in violence over untold hardship caused by the naira scarcity.
