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updated 1:59 AM UTC, Mar 14, 2023

Supreme Court Fixes Judgment For March 3 On Cash Swap Policy

22 February 2023. The Nigeria Lawyers – The controversy over the naira redesign policy of the federal government will on March 3 finally be rested when the apex court delivers judgment in the matter.

A 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.

Three states of Kaduna, Kogi and Zamfara had initially sued the federal government over the implementation of the naira policy over the hardship they claimed the policy has brought upon the country.

In addition they had obtained an interim order of the apex court restraining the federal government from banning the use of the old ₦200, ₦500 and ₦1000 banknotes pending the hearing and determination of their interlocutory applications.

While nine states had joined the case last week, six others were added at Wednesday’s proceedings bringing it to a total of 16 plaintiffs with two states of Bayelsa and Edo taking the side of the federal government.

Besides deciding fate of the naira, the apex court would also decides 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.

Plaintiffs also dragged President Muhammadu Buhari before the apex court over his directive of February 16 wherein the president directed the CBN governor to recall only the ₦200 banknotes, maintaining that the ₦500 and ₦1000 banknotes remain banned and Nigerians still in possession of the old notes should take to the CBN for deposit.


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