The Supreme Court of Nigeria has set March 3 as the date for the judgement in the ongoing case between several Nigerian states and the federal government over the naira swap policy. The suit was filed by Kaduna, Kogi, Zamfara, and other states against the President and CBN. The suite is seeking a court order to force the recirculation of the old N200, N500, and N1,000 banknotes as legal tender.
In addition to the suit, the states have also filed contempt proceedings against CBN Governor Godwin Emefiele and Attorney General of the Federation and Minister of Justice Abubakar Malami for failing to comply with a previous Supreme Court order extending the deadline for the use of the old banknotes. The states have warned Emefiele and Malami of the consequences of their continued noncompliance with the court’s order of February 3 in a new document filed before the Supreme Court.
The judgement is highly anticipated by the states, as it will determine the future of the naira swap policy and the recirculation of the old banknotes. The decision will have far-reaching implications for Nigeria’s economy and financial system, which is still grappling with the effects of the COVID-19 pandemic and other challenges. All eyes will be on the Supreme Court on March 3 as Nigerians wait to see how this case will be resolved.
