Supreme Court Set To Deliver Judgment Today On Naira Policy

The Supreme Court is set to deliver judgment today on the controversy surrounding the naira swap policy of the Central Bank of Nigeria (CBN).

The apex court had on February 22 fixed today for judgment in a suit filed by 17 states challenging the naira policy that brought about the redesign of N1,000, N500, and N200 banknotes.

The implementation of the policy which took effect last month led to the scarcity of naira notes and caused untold hardship to Nigerians and their businesses.

READ ALSO: Breaking: Supreme Court Sets March 3 For Final Judgement On CBN’s Naira Redesign Policy

Three states –  Kaduna, Kogi and Zamfara initially filed the suit against the Federal Government to compel the CBN to suspend implementation of the withdrawal of the old higher currency denominations from circulation.

There were later joined in the suit by 13 other states and were consolidated in the suit.

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