[BREAKING] Naira Crisis: Supreme Court Adjourns Judgement, Reveals New Date

The Supreme Court of Nigeria has adjourned the decision involving the new naira policy until March 3, 2023.

Following all parties’ approval of their argumentative documents, the apex court panel of seven judges gave the case the go-ahead for a ruling.

The Supreme Court had on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones. Still, the Central Bank of Nigeria refused to shift the deadline.

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The order followed a lawsuit brought on February 3 by the state governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation.

Additional states, including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River, have joined the lawsuit as co-plaintiffs.

On Wednesday, during oral arguments, Kanu Agabi, counsel for the Federal Government, stated that the Supreme Court had ruled that section 20 of the CBN Act served as the foundation for all reliefs.

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He argued that the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.

He also contended that the plaintiffs did not deem it fit to the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.