The Supreme Court orders old notes to be in circulation till December 2023
The Supreme Court has nullified the Federal Government naira redesign policy, stating that the old Naira notes can be used till 31 December 2023.
Justice Emmanuel Again, 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 FederaL Government and states must involve law or facts.
Furthermore, the court held on to President Muhammadu Buhari’s broadcast where he admitted that the policy is flawed with a lot of Challenges.
Speaking on the challenges people face, the court revealed that the naira redesign has led people to engage in trade by barter in this modern age in a bid to survive.
Meanwhile, Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.
The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians
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Furthermore, they accused the President of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be void.
Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.
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