Supreme Courts Fixes March 3 For Judgement On Naira Swap Suit

By
John C. Azu

The Supreme Court has fixed March 3, 2023, for judgement in the naira redesign suit filed by Zamfara, Kogi and Kaduna state governments.

Dissatisfied with the decision of the Federal Government to phase out N500 and N1000 notes, some governors had headed for the apex court, which restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with the new ones.

However, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said there was no need to shift the deadline.

President Muhammadu Buhari had subsequently ordered the CBN to recirculate old N200 notes, declaring that old N1000 and N500 notes were no longer legal tender.

But the governors filed a fresh suit to challenge the federal government for not obeying court order, while Bayelsa and Edo states joined the federal government as co-defendants.

Credit: Daily Trust