Naira redesign: Suspicion, anxiety grow as Malami opposes El-Rufai, others

Twenty-four hours to the deadline set by the Central Bank of Nigeria, CBN, for the swap of the old naira notes, there is a high level of anxiety across the country.

The Supreme Court had on Wednesday temporarily halted the move by the Central Bank of Nigeria, CBN, to ban the use of the old naira notes from February 10, 2023.

A 7-member panel led by Justice John Okoro halted the move while ruling in an ex-parte application brought by three northern States of Kaduna, Kogi and Zamfara.

The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigerians.

He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”

The ruling has since generated mixed reactions from across the country.

While some citizens, including the camp of the APC Presidential candidate, Bola Tinubu are hailing the ruling, others have asked President Muhammadu Buhari to override it with an executive order.

Few hours after the ruling, the Governor of the CBN, Godwin Emefiele met with President Buhari at the Aso Rock Villa.

Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has already filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline.

Malami, in a preliminary objection he filed on behalf of the Federal Government, applied for an order striking out the suit that three Northern States filed to halt the full implementation of the new monetary policy that was introduced by the Central Bank of Nigeria, CBN.

He is the sole defendant in the suit marked: SC/CV/162/2023, where he applied for its outright dismissal on the basis that the three States lacked the locus-standi.

Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, Malami accused the three States of opposing FG’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.

Nigerians are anxiously awaiting the next step of the CBN, especially with the deadline ending on Friday, February 10, just as President Buhari had earlier asked for one week to take a major decision on the matter one way or the other