{"id":83703,"date":"2023-03-04T17:05:35","date_gmt":"2023-03-04T16:05:35","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy"},"modified":"2023-03-04T18:19:05","modified_gmt":"2023-03-04T17:19:05","slug":"naira-redesign-uncertainty-as-supreme-court-nullifies-policy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy","title":{"rendered":"Naira redesign: Uncertainty as Supreme Court nullifies policy"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>On Friday, the Supreme Court invalidated the naira redesign policy initiated by the Central Bank of Nigeria, CBN, backed by President Muhammadu Buhari.<\/p>\n

DAILY POST 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.<\/p>\n

The apex court has now ruled that it was not done with due consultation and in line with constitutional provisions.<\/p>\n

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.<\/p>\n

It came as a big relief to many Nigerians, especially those who feel it did not serve its purpose during the Saturday\u2019s elections.<\/p>\n

Buhari had in a nationwide broadcast said he approved the policy in a bid to reduce vote buying, as well as strengthen the economy.<\/p>\n

However, the question on the lips of many Nigerians remains: to what extent did it work?<\/p>\n

\u201cFor vote buying, I think it worked to a large extent,\u201d Ridwan Oke, The Managing Partner, The Iris Attorneys LP, a Lagos-based law firm, told DAILY POST.<\/p>\n

\u201cHowever, 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.<\/p>\n

\u201cThe ordinary citizen suffered a great deal as a result of the policy, including myself,\u201d he said.<\/p>\n

Meanwhile, there are fresh concerns on whether President Buhari would obey the court judgement.<\/p>\n

Okey had this to say: \u201cI expect him to obey the judgement but with President Buhari, things are not always straightforward. I won\u2019t be surprised if he doesn\u2019t.<\/p>\n

\u201cNigerian presidents, past and present, get away with a lot of things.<\/p>\n

\u201cAnyone who disobeys court orders is guilty of contempt. It\u2019s a gross misconduct and an impeachable offence. However, is the National Assembly strong enough to do the needful?\u201d<\/p>\n

Most Nigerians are expecting an announcement from either Buhari or the CBN Governor, Godwin Emefiele, to know what next steps.<\/p>\n

But Oke insisted that \u201cit is down to Buhari. We know whose policies Emefiele is implementing.\u201d<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. On Friday, the Supreme Court invalidated the naira redesign policy initiated by the Central Bank of Nigeria, CBN, backed by President Muhammadu Buhari. DAILY POST 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 […]<\/p>\n","protected":false},"author":84,"featured_media":83701,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,1623,254,620],"class_list":["post-83703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-naira","tag-nigeria","tag-supreme-court"],"yoast_head":"\nNaira redesign: Uncertainty as Supreme Court nullifies policy - Nigeria<\/title>\n<meta name=\"description\" content=\"On Friday, the Supreme Court invalidated the naira redesign policy initiated by the Central Bank of Nigeria, CBN, backed ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira redesign: Uncertainty as Supreme Court nullifies policy\" \/>\n<meta property=\"og:description\" content=\"On Friday, the Supreme Court invalidated the naira redesign policy initiated by the Central Bank of Nigeria, CBN, backed ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-04T16:05:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-04T17:19:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/03\/postQueueImg_1677936947.93.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1152\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Naira redesign: Uncertainty as Supreme Court nullifies policy\",\"datePublished\":\"2023-03-04T16:05:35+00:00\",\"dateModified\":\"2023-03-04T17:19:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\"},\"wordCount\":379,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/03\/postQueueImg_1677936947.93.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"naira\",\"Nigeria\",\"Supreme Court\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-redesign-uncertainty-as-supreme-court-nullifies-policy\",\"name\":\"Naira redesign: Uncertainty as Supreme Court nullifies policy - 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