The Supreme Court has unanimously ruled that old #200, #500 and #1000 shall co-exist with New naira notes until 31st December, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as 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 Federal Government and states must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
The suit instituted by Kogi, Zamfara and Kaduna and 13 others 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 voided.