On Wednesday, the Supreme Court announced that it would delay its ruling on the new naira policy lawsuit until March 3, 2023. This decision has left many Nigerians, including consumer and business groups, professional and trade unions, who were hoping for a favorable judgment that could ease their financial burden, in a state of uncertainty.
The Supreme Court had previously put a stop to the Federal Government’s plan to enforce the deadline for exchanging old naira notes for new ones by February 10. However, the Central Bank of Nigeria disregarded this injunction, resulting in the continuation of the original deadline.
The lawsuit, which was filed by the state governments of Zamfara, Kogi, and Kaduna, along with several other states such as Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River, sought to challenge the Attorney-General of the Federation’s directive.
During the hearing on Wednesday, Kanu Agabi, the Federal Government’s legal representative, argued that the Supreme Court lacked the jurisdiction to hear the case, and that Nigerians were already disregarding the old notes in accordance with the President’s instructions. He also contended that the President was following the court order by instructing people to deposit their old naira notes at designated CBN centers. Additionally, he maintained that the President had the power to veto any legislation.
In summary, the Supreme Court has postponed its decision on the new naira policy lawsuit, leaving many Nigerians anxious about the outcome. The case, which originated from several state governments, was brought to challenge the Attorney-General of the Federation’s instructions on the naira exchange deadline. During the proceedings, the government’s legal representative argued that the Supreme Court had no jurisdiction to hear the case and that the President was acting in compliance with the court’s orders.
