The Supreme Court ruled on Friday that old N200, N500, and N1,000 notes can be used until December 31, 2023.
The Supreme Court also declared the Federal Government’s naira redesign policy unconstitutional, calling it an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgment, ruled that the defendants’ preliminary objections (the Attorney General of the Federation, the states of Bayelsa and Edo) are overruled because the court has jurisdiction to hear the case.
The court held that the dispute between the federal government and the states must involve law or facts, citing Section 23(2)1 of the constitution.
The Supreme Court also ruled that President Muhammadu Buhari admitted in his broadcast that the policy is flawed and fraught with difficulties.
According to the court, the policy has led to some people engaging in barter trade in this modern age in order to survive. The court also stated that the President’s defiance of the February 8 order is evidence of dictatorship.
Sixteen Federation states filed the suit to challenge the legality or otherwise of the policy’s implementation.
The suit originally filed by the states of Kaduna, Kogi, and Zamfara has been designated as the first case on the cause list for a final verdict.
Justice John Inyang Okoro, who led a seven-member panel of the Court, set today, February 22, as the deadline for the court to issue its decision on the suit.
