Crisis in Naira: The Supreme Court Is Set to Make a Decision Today

The suit brought by sixteen states against the federal government’s naira redesign and swap policy will be decided today by the Supreme Court. A seven-member panel… The Supreme Court will today rule on the lawsuit brought by 16 states challenging the naira redesign and swap policy implemented by the federal government.

After consolidating the suits filed by the various states and hearing arguments, a seven-member panel of justices led by Justice Inyang Okoro adjourned to March 3 for judgment.

As co-plaintiffs with Kaduna, Kogi, and Zamfara, the 16 states whose suits were consolidated are arguing that the old naira notes of N200, N500, and N1000 must remain legal tender until the substantive suit is decided.

Katsina, Lagos, Ondo, Ogun, Ekiti, Cross River, Sokoto, Jigawa, Rivers, Kano, Niger, Nasarawa, and Abia are the other states in the league.

In support of the federal government’s monetary policy and in opposition to the apex court’s jurisdiction to hear the suits, the states of Bayelsa and Edo filed as co-defendants.