Supreme Court to rule on naira swap suit after presidential election

The Supreme Court has again adjourned the suit filed by some state governors on the deadline of the naira redesign policy to March 3, 2023

This date is well after the presidential elections slated for February 25, setting the stage for more confusion as to the legal status of the N500 and N1,000 notes.

The apex court had, on February 15, adjourned the ruling to February 22 in the case originally instituted by Governors Nasir El-Rufai, Bello Matawalle and Yahaya Bello of Kaduna, Zamfara and Kogi States respectively, challenging the Federal Government’s deadline for the implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).

Read also:Old Naira deadline: CBN didn’t defy Supreme Court ruling, lawyer explains with precedent

The initial suit was later joined by seven other states asking the apex court to restrain President Muhammadu Buhari’s administration from fully implementing the naira redesign policy.

Shortly before the hearing began, a seven-member panel, led by the president of the court, Justice John Okoro, had joined the attorneys-general of Katsina, Lagos, Ondo, Ogun, Ekiti, Cross River and Sokoto States to those of Kaduna, Zamfara and Kogi States as co-plaintiffs, while the attorneys-general of Edo and Bayelsa States were joined as co-respondents.

What the adjournment means is that the ruling will only be carried out after the presidential and National Assembly elections scheduled for February 25.

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