Anxiety As Supreme Court Resumes Hearing On Naira Crisis

Nigerians, who have been battling a shortage of the Naira for some weeks are anticipating the Supreme Court hearings on the fate of the old naira notes on Wednesday with anxiety. The judgment could determine the fate of many small businesses that have been paralysed by the absence of cash.

Several state governments are joined in battle with the administration of President Muhammadu Buhari in the lawsuit.

The Supreme Court had stopped the Federal Government from going ahead with its February 10 deadline for the exchange of the old notes for new ones. The Central Bank of Nigeria (CBN) has, however, resisted the injunction and gone ahead with implementing the deadline.

The injunction followed a lawsuit filed on February 3 by Zamfara, Kogi, and Kaduna State Governments against Malami Abubakar, attorney general of the federation. Ekiti, Kano, Sokoto, Lagos, Ondo, Ogun, and Cross River have also joined the lawsuit.

Buhari, however, disregarded the Supreme Court’s directive last Thursday in a national broadcast and merely extended the validity of the old N200 notes, claiming that the previous N500 and N1,000 notes are no longer viable forms of payment.

The president urged Nigerians to deposit their old N500 and 1000 notes with the Central Bank and declared that the old N200 notes would be legal tender until April 10, 2023.

However, Kaduna and Ogun States have declared that their citizens should continue to use the old naira notes as legal tender until the Supreme Court issues its final ruling on the matter at hand putting Nigerians in anxiety.

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