Naira Redesign: Supreme Court Gives Firm Position on Suit Involving CBN, Buhari's Govt, APC-controlled States

• The suit involving the CBN, federal government, and some states in Nigeria over the naira redesign policy will be resolved on Wednesday, February 22
• This was the position of the Supreme Court whose Justice Inyang Okoro-led five-man panel is presiding over the case
• The apex court also said new parties wishing to join the suit would no longer be allowed

Abuja - According to the Supreme Court, the long dispute over the naira redesign and cash swap policy by the Central Bank of Nigeria (CBN) must be resolved on Wednesday, February 22.

The seven-member panel led by Justice Inyang Okoro said new parties are no longer allowed to join the suit, Daily Trust reports.

Justice Okoro on Wednesday said new parties would abide by the outcome of the existing suits or file a new one after the determination of the present suit.

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The panel said this in response to an application by the Attorney General of Abia state seeking to join the suit as a separate suit similar to the one earlier brought by the Rivers state government.

CBN to reveal next move as Supreme Court halts ban on use of old naira notes after February 10

The Central Bank of Nigeria had to take a decision following a directive from the Supreme Court to halt the phasing out of old N1000, N500, and N200 notes by February 10, 2023.

Justice John Okoro, who presided over the Supreme Court panel on Wednesday, February 8, 2023, restrained the federal government from suspending, deciding, or discontinuing the usage of old naira notes until it decides after an application from three northern governors.

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Counsel to the three governors, led by A. I. Mustapha (SAN), urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land”.

CBN’s new naira policy: Supreme Court adjourns case

The Supreme Court had on Wednesday, February 15, adjourned the case over the CBN policy on the naira swap.

The apex court adjourned proceedings until Wednesday, February 22.

Source: Legit.ng