Naira Crisis: Expectations As Supreme Court Hears Consolidated Suit On Naira Shortage

Expectations are excessive because the Supreme Court docket is about to listen to a consolidated suit on the naira redesign coverage immediately (Wednesday). .

The plaintiffs within the suit are the Attorneys Basic (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states whereas the defendants are the Lawyer Basic of the Federation, Abubakar Malami (SAN), in addition to the AGs of Bayelsa and Edo states.

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On the final listening to on February 15, seven states joined the three preliminary states as co-plaintiffs, whereas Edo and Bayelsa states joined the Federal Authorities as co-defendants.

Already, the legal professionals of each events have arrived the court and Nigerians count on a call by the apex court.

The Central Financial institution of Nigeria (CBN) had prolonged the deadline for the swap of outdated N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians however the Supreme Court, after an preliminary suit filed by 10 states, held that the Federal Authorities, the CBN, industrial banks should not proceed with the February 10 deadline pending the willpower of a discover in respect of the problem on February 22.

Nevertheless, President Muhammadu Buhari, in a nationwide broadcast on Thursday, directed the apex financial institution to launch outdated N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He additionally mentioned outdated N500 and N1,000 banknotes stop to be authorized tender in Nigeria.

There was a flurry of reactions and stark criticisms in opposition to the President’s directive together with from governors of his occasion, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the Home of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and plenty of stalwarts of the ruling APC have brazenly censured and faulted the President’s directive, arguing that it has not grounds as a result of the case is earlier than the apex court.

Main Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s transfer, saying he can not overrule the apex court of the land.

Additionally, three State Governors- Kaduna, Zamfara and Kogi have file suit one other suit in opposition to Malami, and the CBN Governor, Godwin Emefiele over contempt of court docket and their alleged failure to adjust to the Supreme Court order on the outdated naira notes.