Supreme Court adjourns to March for judgement on naira redesign suit

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The Supreme Court on Wednesday scheduled judgement on the lawsuit filed by governors against the Buhari regime for March 3 over naira notes.

At least 17 states have joined a consolidated suit demanding the prohibition of President Muhammadu Buhari from suddenly implementing the redesign of the national currency.

The Supreme Court, after hearing from dozens of lawyers on both governors and federal government’s sides, said a judgement would be delivered on the matter next month.

The judgment date will be after the presidential election on February 25. The court had previously issued an order saying the old notes should remain in circulation.

Arguments during today’s hearing focused on a contempt decision against Attorney-General Abubakar Malami, who had failed to implement the court’s decision for old notes to keep circulating until a substantive ruling on the matter.

The states, including Kaduna and Lagos, sued the Buhari regime earlier this month, arguing that implementing a change of banknotes at this time would hurt citizens. Banks have not been able to make available new notes to Nigerians, which has caused economic hardships.

The Central Bank of Nigeria, which introduced the new notes on Mr Buhari’s directive, said it would try to make available the much-sought N500 and N1,000 notes.