Naira Redesign No More: Presidents Directive Canned By Nigerian

The Nigerian Supreme Court has overruled the presidential directive to redesign the country’s naira currency. The country’s highest court saw the redesign as a waste of public funds and rejected President Muhammadu Buhari’s proposal. The decision about “Naira Redesign” was made in response to a lawsuit filed by a civil society group. The Centre for Social Justice argued that the proposed redesign would violate the budgeting laws of Nigeria.

The President had proposed the redesign of the naira as part of the country’s celebration of 60 years of independence. The redesign included new security features and elements reflecting the country’s cultural heritage. The proposal was met with mixed reactions, with some citizens supporting the idea. At the same time, others criticized it as unnecessary and a waste of public resources.

The Supreme Court’s ruling is a significant setback for the Buhari administration’s plans to revamp the currency. The court held that redesigning the currency would lead to a significant increase in public expenditure, which is not budgeted for and would violate Nigeria’s budgeting laws. The court also noted that the proposal would not address this. The root causes of the country’s economic challenges would merely be a cosmetic change.

The Buhari administration has faced criticism in recent years for handling the country’s economy. Nigeria is facing a severe economic recession, and the government has struggled to address the issue. Critics argue that the President’s proposed naira redesign was merely a distraction from the country’s more pressing economic challenges.

The Supreme Court’s decision is a victory for civil society groups concerned about the government’s handling of public funds. Many have criticized the Buhari administration for its lack of transparency in budgeting. The court’s decision will likely encourage more scrutiny of the administration’s expenditure.

The Nigerian Supreme Court has overruled the presidential directive to redesign the currency. The naira would be a violation of the country’s budgeting laws. The decision is a significant setback for the Buhari administration, which had proposed the redesign as part of the country’s Independence Day celebrations. The ruling is seen as a victory for civil society groups concerned. About the government’s handling of public funds and is likely to encourage. 

The Nigerian Supreme Court has ruled the old 200, 500, and 1,000. Naira banknotes will remain in circulation until 31 December 2023. Effectively redesigning the naira previously announced by Nigerian President Muhammadu Buhari. The introduction of the redesign was aimed at phasing out the use of the old Naira banknotes.