Updated: Supreme Court shifts decision on naira suit to March 3

The Supreme Court has adjourned judgement in the new naira policy suit to March 3, 2023.

The seven man panel of the apex court presided by Justice John Okoro announced the date for judgment shortly after taking all arguments for and against the policy.

The ruling came on Wednesday at the resumed hearing in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN), with a total of 16 state governments joining as plaintiffs against the Federal Government.

The case was filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation.

The apex court would also decide on the plaintiffs’ application seeking to commit the AGF, Mr Abubakar Malami, SAN, and the CBN Governor, Mr Godwin Emefiele, to court for alleged disobedience of court order.

The plaintiffs had accused them of not giving effect to the interim order of the apex court issued on February 8, directing the government not to ban the use of the old banknotes from February 10, 2023.

The plaintiffs also dragged President Muhammadu Buhari before the apex court over his directive of February 16 wherein the president directed the CBN governor to reissue only the N200 note, maintaining that the N500 and N1000 banknotes remain banned and Nigerians still in possession of the old notes should take to the CBN for deposit.

The Supreme Court on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, but the CBN refused to shift the deadline.