The Supreme Court has adjourned judgment in the new naira policy suit to 03 March, 2023.

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

A seven-man panel of the apex court had on 08 February, in a unanimous ruling, granted an interim injunction restraining the federal government from implementing the Central Bank of Nigeria’s (CBN) February 10 deadline for the naira swap.

The ruling followed a suit filed by the governors of Kaduna, Kogi and Zamfara states seeking to halt the implementation of the CBN policy.

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

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

However, President Muhammadu Buhari, in a nationwide address, on Thursday, 16 February, directed the CBN to release only the old N200 notes into circulation until 10 April, 2023, when it will stop being legal tender.

Development Diaries faulted the president’s action, citing Section 287 of the 1999 Constitution.

The CBN’s 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.

If the apex bank 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.

Again, Development Diaries calls on President Buhari and the CBN Governor, Godwin Emefiele, to respect the rule of law.