LIVE UPDATES
The Central Bank of Nigeria's (CBN) decision to redesign the naira, which was supported by President Muhammadu Buhari, was declared illegal by the Supreme Court on Friday.
The policy, which went into effect at the beginning of this year, caused countless residents unimaginable agony since bank customers were forced to wait days in lines while trying to get cash.
The Supreme Court has now determined that it was not carried out legally and with proper consultation.
The Supreme Court mandated that until December 31, 2023, the old and new Naira notes must coexist as legal money.
Many Nigerians were greatly relieved by it, especially those who believed it had failed to accomplish its goal during the polls on Saturday.
On a national broadcast, Buhari claimed he had authorized the measure to curtail vote-buying and boost the nation's economy.
The question of how well it worked is still on many Nigerians' minds.
"In terms of votes buying, Ridwan Oke, The Managing Partner of The Iris Lawyers LP, a law business with offices in Lagos," told Reporters, "I think it succeeded to a considerable extent."
"Yet, the government knew that elections would be held this year. They might have implemented the rule much earlier and closed the required loopholes that allow for the purchase of votes by politicians.
He remarked, "I suffered greatly as a result of this policy, as did the average person."
New doubts have recently surfaced over President Buhari's willingness to follow the court's ruling.
"I expect him to obey the judgment," Okey stated, "but with President Buhari, things are not always simple. If not, it won't surprise me.
Presidents of Nigeria, both past and current, frequently get away with bad behaviour.
"Anyone who disregards court orders is in contempt of court. It's a serious offence that can lead to impeachment. But is the National Assembly powerful enough to take the necessary action?
The majority of Nigerians are waiting for a statement from either Buhari or CBN Governor Godwin Emefiele to learn what will happen next.
But, Oke added, "That is up to Buhari. We are aware of whose policies Emefiele is carrying out."
