Old N200, N500, N1,000 notes to remain in circulation till 31 December 2023- Supreme Court

Federal Government’s Naira redesign policy nullified

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Old N200, N500, N1,000 notes to remain in circulation till 31 December 2023- Supreme Court
Old N200, N500, N1,000 notes to remain in circulation till 31 December 2023- Supreme Court

Federal Government’s Naira redesign policy nullified

Nigeria’s Supreme Court has ordered that the old N200, N500, N1,000 notes remain in circulation till 31 December 2023.

In its ruling on Friday, the apex court also nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution.

The Supreme Court delivered judgment in the suit brought against the Federal Government on the Naira redesign policy.

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 seven-man panel is headed by Justice John Inyang Okoro.

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

They accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

On its part, the Federal Government challenged the jurisdiction of the apex court on the grounds that the CBN was not joined as a party and that the dispute on the policy ought to be directed at the CBN so that the suit can be referred to the Federal High Court.

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