Naira Redesign Policy: 4 Important Things to Know as Supreme Court Fixes March 3 for Judgement
Nigerians had looked up to the Supreme Court to give verdict on the suit on the the federal government's Naira redesign policy which was filed by some state governments on Wednesday, February 22.
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The Naira redesign policy had pitched the federal and state governments against each other in the past few weeks.
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After introducing new N200, N500 and N1000 notes, the Central Bank of Nigeria (CBN) announced January 31 deadline to phase out the old notes.
It, however, extended the deadline till February 10 after reading many Nigerians had not been able to get the new notes in exhange for the old notes. But the situation still did not improve.
Then some state governments stepped in by asking the Supreme Court to stop the federal government and the CBN from implementing the February 10 deadline for swapping the old naira notes with the new ones.
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The apex court subsequently gave an order restraining the FG from implementing the deadline pending its substantive judgement on the suit filed by the states.
However, the federal government challenged the state government's suit and asked the court to dismiss it over lack of jurisdiction.
Also, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said there was no need to shift the deadline.
President Muhammadu Buhari also subsequently ordered the CBN to recirculate only old N200 notes, declaring that old N1000 and N500 notes were no longer legal tender.
The governors then filed a fresh suit to challenge the federal government for not obeying court order, while Bayelsa and Edo states joined the federal government as co-defendants.
So, on Wedenesday, Nigerians were eager to know what ther verdict of the Supreme Court would be on the controversial policy.
What happened at the apex court on Wednesday, February 22? Here are key five things to note.
1. Consolidtion and hearing of the suits by states
At the resumed sitting on Wednesday, the Supreme Court consolidated the suits instituted by more than 10 state governments.
The court heard the suits by taking submissions from the counsels of the state governments.
2. March 3 for judgement
After taking submissions, the seven-member panel of the apex court adjourned until Friday, March 3, for judgement.
“All the suits adjourned until 3 March for judgement,” Premium Times quoted the presiding justice of the seven-member panel of the Supreme Court, John Okoro, as saying.
3. Supreme Court silent on whether its order subsists
Recall that the Supreme Court had earlier ordered the FG not to ban old Naira notes until it gives its judgement.
The apex court was reportedly silent on whether or not the order still subsists even though the FG and the CBN have disregarded it.
Nevertheless, a Senior Advocate of Nigeria (CBN) Babatunde Ogala, told The Nation that the order still subsists.
Ogala said since there was no pronouncement by the court vacating the order at its sitting on Wednesday, the order remains in force.
4. FG versus states: How things stand
How things currently stand is that the FG has, against the court order, insisted that old N500 and N1000 notes are no longer legal tender while some governors also stand on their directives to residents and businesses in their states to continue to trade with the all the old notes.
This has thrown Nigerians into confusion.
I am aware of the hardship caused by my policies - Buhari
Meanwhile, amid the controversial Naira redesign policy, President Buhari said he is fully aware of the current hardship brought by some of his government's policies.
He urged Nigerians to be patient just as he gave assurance that measures are being taken to ease the hardship.
"Finally, I want to once again assure you that I am fully aware of the current hardship you are facing as a result of some policies of the government which are meant to bring overall improvement to the country. I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel," he said.
Source: Legit.ng
