Naira redesign: Uncertainty as Supreme Court nullifies policy

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

Newspot reports that the policy, which came into effect early this year, threw many citizens into untold suffering, with back customers having to spend days in queues struggling to access cash.

The apex court has now ruled that it was not done with due consultation and in line with constitutional provisions.

The Supreme Court ordered that the old Naira notes continue to be legal tender, side by side with the new Naira notes till December 31, 2023.

It came as a big relief to many Nigerians, especially those who feel it did not serve its purpose during the Saturday’s elections.

Advertisement

Buhari had in a nationwide broadcast said he approved the policy in a bid to reduce vote buying, as well as strengthen the economy.

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

“For vote buying, I think it worked to a large extent,” Ridwan Oke, The Managing Partner, The Iris Attorneys LP, a Lagos-based law firm, told Newspot.

“However, the government knew there would be an election this year. They could have started the policy long ago and block the necessary loopholes politicians can have money to buy votes.

“The ordinary citizen suffered a great deal as a result of the policy, including myself,” he said.

Meanwhile, there are fresh concerns on whether President Buhari would obey the court judgement.

Okey had this to say: “I expect him to obey the judgement but with President Buhari, things are not always straightforward. I won’t be surprised if he doesn’t.

“Nigerian presidents, past and present, get away with a lot of things.

“Anyone who disobeys court orders is guilty of contempt. It’s a gross misconduct and an impeachable offence. However, is the National Assembly strong enough to do the needful?”

Most Nigerians are expecting an announcement from either Buhari or the CBN Governor, Godwin Emefiele, to know what next steps.

But Oke insisted that “it is down to Buhari. We know whose policies Emefiele is implementing.”