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Saturday, April 20, 2024

Nigerian Supreme Court Orders Extension of Old Currency

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Nigeria’s Supreme Court ruled that the government’s introduction of the new currency was unconstitutional and ordered the old notes to be kept in circulation until the end of the year.

Friday’s Supreme Court ruling followed a lawsuit filed by Nigerian governors on February 16, demanding that the old 200-, 500- and 1,000-naira notes be allowed to circulate for an extended period.

The Central Bank of Nigeria redesigned banknotes last year, initially giving Nigerians just six weeks to exchange old banknotes for new ones.Nigerian Supreme Court Orders Extension of Old Currency

The deadline was later extended by 10 days, but the bank withdrew the 500 and 1,000 naira notes last month.

Officials said the redesign aims to control excess funds, fight crime and kidnapping, and fight inflation and counterfeiting.

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However, Judge Emmanuel Agim ruled that the policies supported by President Muhammadu Buhari were an unconstitutional exercise of executive power and violated the fundamental rights of Nigerian citizens.

These policies have left millions of people in need, the court said, noting that some financially strapped citizens had to take action to survive.

Three people were killed during protests against the violent policy.

Economist Ndu Nwokolo said he did not expect the Central Bank of Nigeria and Buhari to comply with the court’s decision any time soon.

Buhari refused to comply with the February 8 Supreme Court order and suspended the scheduled February 10 deadline for filing the old bills.

The Supreme Court said it was a sign of dictatorship.Currency

However, Nukulu said Buhari’s action may have been a deliberate act by the president to prevent vote-buying during the election period.

Nigeria went to the polls last weekend to elect a new president and lawmaker. Gubernatorial elections will be held in various states next week.

Nigeria is also facing serious fuel shortages due to disruptions in the goods distribution chain due to cross-border activities by smugglers.

Many hope that the new president will solve these problems once and for all.

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