The Supreme Court of Nigeria has declared that the old N200, N500, N1000 notes remain as legal tender and should be in circulation till December 31, 2023.
The ruling was tendered today, Friday, March 3, according to the court, Federal Government’s Naira redesign policy, is an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federation and 16 states over Naira redesign policy, must involve law or facts.
The apex court further posits that President Buhari in his broadcast, had admitted that the policy is flawed with a lot of challenges.
The court also stated that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive hunger caused by cash scarcity. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
The case was brought before the Supreme Court by some state governments aggrieved over the new naira policy.