BREAKING: Old Naira Notes To Remain Legal Tender Until Dec 31, Supreme Court Rules

Posted by African Examiner Featured, Latest Headlines, News, News Across Nigeria Friday, March 3rd, 2023

(AFRICAN EXAMINER) – The Supreme Court on Friday has directed that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.

Also, the apex court nullified the Federal Government’s naira redesign policy saying that it is an affront to the 1999 Constitution.

Justice Emmanuel Agim, who read the lead judgement, stated that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are ignored since the court has the jurisdiction to entertain the suit.

Justice Agim, citing Section 23(2)1 of the constitution, the court stated that the dispute between the Federal Government and states must involve law or facts.

The court also stated that President Muhammadu Buhari in his broadcast confirmed that the policy is flawed with a lot of issues.

The court stated that the policy has made some people engaging in trade by barter just to survive and also the disobedience of the February 8 order by President Buhari is a sign of dictatorship and executive rascality.

The African Examiner recalls that sixteen states of the Federation initiated the suit to challenge the legality or otherwise of the introduction of the naira redesign policy by the Central Bank of Nigeria (CBN),