Home News Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation...

Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till Dec 31


The Supreme Court ruled on Friday that previous N200, N500, and N1,000 notes might be used until December 31, 2023.
The Supreme Court also declared the Federal Government’s naira redesign program unconstitutional, calling it an affront to the 1999 Constitution.

Judge Emmanuel Agim, who read the lead judgment, ruled that the defendants’ preliminary objections (the Attorney General of the Federation, the governments of Bayelsa and Edo) are overruled because the court has jurisdiction to hear the case.

The court held that the disagreement between the federal government and the states must concern law or facts, citing Section 23(2)1 of the constitution.

The Supreme Court also ruled that President Muhammadu Buhari confessed in his broadcast that the approach is faulty and fraught with difficulties.

The courtroom

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.

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 the final verdict.

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.

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 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.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday. The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.