Uneasy calm as Supreme Court decides on Naira redesign policy today

All eyes will be on Nigeria’s Supreme Court today as 10 governors battle the Federal Government and its agency, the Central Bank of Nigeria (CBN) over implementation of the obnoxious Naira redesign policy.

The Supreme Court had in a ruling on 8 February granted an interim injunction that the CBN and the federal government should suspend the implementation of the February10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes.

On 15 February the apex court affirmed the ruling. This, it said, should be pending until the hearing and determination of a suit before it is slated for February 22.

In a surprise move President Buhari on 16 February, in a broadcast announced that only the old N200 note would remain valid until April 10. He said old N500 and N1000 notes had ceased to be legal tender.

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The broadcast had been heavily criticised and condemned by lawyers and many of the 21 governors of the APC. Many expressed outrage that the President could openly defy the apex court in a democracy.

Today, the case is coming up at the Supreme Court. The aggrieved governors have already filed contempt of court against the CBN’s governor, Godwin Emefiele for not obeying the apex court’s judgement.

The masses are waiting for a spark of home from the apex court to end their suffering three days to the presidential election.

All around Nigeria, especially in the Southwest and South-South, there have been massive protests against CBN’s policy.

Banks have been set ablaze and many others vandalised. Irate youths shutdown several roads and set up bonfires on them. Anarchy has indeed set in as hunger strikes many.