Naira Redesign: Naira Crisis: Supreme Court Set to Deliver Verdict on March 3
In a historic move, twelve states from across Nigeria have united to challenge the Federal Government’s decision to ban the use of old N200, N500, and N1000 banknotes as valid legal tenders.
What initially began as a challenge by three northern states- Kaduna, Kogi, and Zamfara- has now become a consolidated effort, with other states joining in as interested parties in the matter, News About Nigeria reports.
On Wednesday, a seven-man panel of the apex court heard arguments from all parties involved in the consolidated suit. The court, led by Justice Inyang Okoro, has now fixed March 3 for its judgment on the matter.
In addition to the initial three northern states, the states the court joined as parties in the suit were Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto, Abia, Jigawa, Kano, Rivers, and President Muhammadu Buhari’s homestate, Katsina.
The suits heard by the apex court were marked: SC/CV/162/23, SC/CV/162/23, SC/CS/197/23, SC/CV/200/23, SC/CV/210, SC/CV/227, SC/CV/229/23, and SC/CV/222/23.
This consolidated effort by the states has the potential to significantly impact the Federal Government’s decision to ban the use of old banknotes as legal tenders. All eyes are now on the Supreme Court as the country awaits its verdict on this crucial matter.