Home News Naira redesign: Uncertainty as Supreme Court invalidates policy

Naira redesign: Uncertainty as Supreme Court invalidates policy


On Friday, the Supreme Court invalidated the naira redesign policy initiated by the Central Bank of Nigeria, CBN, backed by President Muhammadu Buhari.

The inverse24 reports that the policy, which went into effect earlier this year, has left many citizens in untold misery, with backup customers having to queue for days to get cash.

The apex court has now ruled that it was not done in good consultation and in accordance with the constitution.

The Supreme Court has ordered that the old Naira banknotes remain legal tender until 31 December 2023, in parallel with the new Naira banknotes.

It came as a great relief to many Nigerians, particularly those who feel he failed to fulfill his purpose during Saturday’s election. Buhari said on a national broadcast that he endorsed the policy in an effort to reduce vote-buying and boost the economy.

However, the question remains on the lips of many Nigerians: to what extent has it succeeded?

“For vote-buying, I think it worked for a large part,” Ridwan Oke, managing partner of The Iris Attorneys LP, a Lagos-based law firm, told the inverse24.

“However, the government knew there would be elections this year. They could have started politics a long time ago and blocked the loopholes needed for politicians to have money to buy votes. “Ordinary citizens have suffered a lot from politics, myself included,” he said.

Meanwhile, there are fresh concerns that President Buhari will obey the court’s verdict.

Okey had this to say: “I expect he will obey the verdict, but things are not always easy with President Buhari. I wouldn’t be surprised if he didn’t.

“Nigerian presidents past and present get away with a lot of things. “Anyone who disobeys court orders is guilty of contempt. It is a serious mistake and a criminal offence. However, is the National Assembly strong enough to do the necessary?

Most Nigerians expect an announcement from Buhari or CBN Governor Godwin Emefiele about the next steps.

But Oke insisted that “it’s up to Buhari. We know what policy Emefiele implements.