New Notes: Nigerians Know Fate March 3 as Supreme Court Adjourns for Judgment

The Supreme Court has once more postponed the lawsuit brought by some state governors regarding the naira redesign policy’s deadline until March 3, 2023.

The fact that the presidential elections are scheduled for February 25 and that this date is far in the future creates further uncertainty over the legal standing of the N500 and N1,000 notes.

On March 3, the Supreme Court will issue its ruling on the federal government’s naira redesign program, putting an end to the ongoing conflict.

After hearing all of the arguments for and against the policy, a seven-member panel of the Supreme Court, led by Justice John Okoro, promptly set the date for judgment.

Three states—Kaduna, Kogi, and Zamfara—had initially sued the federal government over the naira policy’s adoption because of the difficulties they believed the program had caused for the nation.

Also, they had won a temporary order from the Supreme Court prohibiting the federal government from outlawing the use of the outdated N200, N500, and N1000 notes while their interlocutory applications were heard and decided.

Six more states joined the case on Wednesday, bringing the total number of plaintiffs to 15, with two states, Bayelsa and Edo, siding with the federal government. Nine states had joined the case last week.

The plaintiffs’ request to compel the AGF, Mr. Abubakar Malami, SAN, and the CBN Governor, Mr. Godwin Emefiele, to court for alleged disobedience of court order will also be decided by the top court along with the destiny of the naira.

The highest court’s interim ruling, issued on February 8 and instructing the government not to forbid the use of the old banknotes beginning on February 10, 2023, was allegedly ignored by the defendants, according to the plaintiffs.

The plaintiffs also brought President Muhammadu Buhari before the top court regarding his order from February 16 telling the CBN governor to only reissue the N200 note, arguing that the N500 and N1000 banknotes are still illegal and Nigerians who still have them should take them to the CBN for deposit.