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New Naira Notes: Supreme Court Again Adjourns to March 3

The Supreme Court postponed its decision in the new naira policy suit for the third time’s until March 3, 2023.

With the apex court’s decision, Nigerians, particularly consumer and business groups, as well as professional and trade unions, will have to wait for a favourable judgement (today) that they hope will alleviate their suffering.

The Supreme Court stayed the Federal Government’s implementation of the February 10 deadline for exchanging old naira notes for new ones on February 8, but the Central Bank of Nigeria refused to change the deadline.

The injunction followed a suit filed on February 3 by the governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation.

Other states including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River have also joined the suit as co-plaintiffs. While taking arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.

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