Supreme Court ruling on naira scarcity will come after presidential election

The Supreme Court says it will need more time to give a decision on the controversial redesign of the naira that has set APC governors against the presidency.

The Supreme Court on Wednesday said its will give a ruling on March 3.

– A key point to note

The decision means the crucial judgement sought by the governors to stave off the federal government’s cashless policy so close to the presidential election, will now be delivered after the crucial polls itself. Presidential and national assembly elections will hold this Saturday, Feb. 25.

– How this affects people

With the decision, there is likely to be no change in how the policy affects Nigerians. The scarcity of naira notes will continue until, at least, after the polls. Officials say the government is cutting cash supply to check vote buying but the decision has piled more pressure on a population already distressed by economic hardship, high prices and insecurity.

The governors, mostly of the ruling All Progressives Congress (APC), want the barely available new notes to circulate alongside old notes. They have criticized President Buhari and the governor of the central bank, Godwin Emefiele, accusing both men of working against the presidential election candidate of the party, Bola Tinubu.

– Learn more

The 16 states are: Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, Sokoto, Rivers, Kano, Nasarawa, Abia, Jigawa and Niger.

Edo and Bayelsa support the federal government.

A. I. Mustapha, the lawyer representing the 16 states, urged the supreme court to grant rule against the federal government and allow the circulation of the two batches of notes “in the interest of justice and the well-being of Nigeria.”

He said the policy has led to an “excruciating situation that is almost leading to anarchy in the land“. He warned that failure to act may lead to lawlessness since most banks are already closing operations, according to the News Agency of Nigeria reported.

Justice Inyang Okoro, who led the seven-member panel of Supreme Court justices, announced March 3 as judgement date after taking arguments from parties involved in the suits.