On Wednesday, the Supreme Court set March 3 for the decision in the governors' petition against the Buhari administration about naira notes.
In a single lawsuit, at least 17 states are asking that President Muhammadu Buhari be prevented from enacting the rapid redesign of the national currency. After hearing from hundreds of attorneys representing the governors and the federal government, the Supreme Court announced that a decision will be made in the case next month.
After the February 25 presidential election, the judgment date will be set. The old notes should continue to be used, according to an earlier order by the court.
The centerpiece of today's hearing was a contempt finding against Attorney-General Abubakar Malami, who had disobeyed the court's order to allow old notes to remain in circulation until a final substantive decision was made.
The states, including Lagos and Kaduna, filed a lawsuit against the Buhari administration earlier last month, claiming that changing the currency at this time would harm people. Economic woes have resulted from banks' inability to provide Nigerians with new notes.
The Central Bank of Nigeria announced that it would attempt to make the highly-desired N500 and N1,000 notes available after Mr. Buhari ordered the introduction of the new notes.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.