• Supreme Court of Nigeria: Its pronouncement was being awaited when Fr. Mbaka invaded its privacy with his prophecy

On Wednesday, the Supreme Court of Nigeria adjourned the hearing of the case instituted by Governors on the Naira swap policy to 3 March. The implication of this is that the status quo (of old notes being legal tender) remains till the determination of the case.

The first time the Court gave an injunction that the status quo be maintained was 8 February. That is, to allow the old naira notes to operate side by side with the new till the case instituted by state governors against the Federal Government is determined. That day, the Apex court said the Central Bank should put on hold the implementation of the February 10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes. The Supreme Court upheld the same last week until the hearing and determination of a suit before it slated for today, 22 February.

However, on 16 February, President Muhammadu Buhari addressed the nation, obeying the Supreme Court partially by announcing that only the old N200 note would remain valid until April 10. The N500 and N1000 notes, according to him, each would cease to be a medium of exchange.