The Supreme Court of Nigeria will Friday rule on the new naira policy suit.

Development Diaries reports that the case was instituted by some state governments against the federal government challenging the implementation of the naira redesign.

The governors of Kaduna, Kogi and Zamfara states filed the lawsuit seeking the suspension of the policy, citing irregularities with its implementation, and people’s difficulties in accessing the new banknotes

Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River states later joined the suit as co-plaintiffs.

President Muhammadu Buhari, in October 2022, authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 banknotes to assert control over the cash circulating outside of the banking system ahead of the 2023 elections.

A deadline for the old banknotes to be retired from circulation was initially set for 31 January, giving Nigerians two months to swap their cash.

The naira redesign policy has caused a lot of hardship amongst many Nigerians, pushing the already poor populace into more extreme levels of poverty and difficulty in a country where about 40 percent of the population is unbanked.

The apex court had adjourned a hearing in the suit to 22 February, 2023, while affirming the validity of the use of old N200, N500 and N1,000 notes.

However, President Buhari, in a nationwide address, directed the CBN to release only the old N200 notes into circulation until 10 April, 2023, when it will stop being legal tender.

If the CBN cannot come up with a better solution on how to implement this policy to ease the suffering of Nigerians, then it should halt the policy altogether.

As the country awaits a ruling on the matter today, Development Diaries calls on President Buhari and the CBN Governor, Godwin Emefiele, to adhere to Section 287 of the 1999 Constitution.

Photo source:  Presidency Nigeria