In a landmark judgement delivered on Friday, the Supreme Court has ruled that the old N200, N500, and N1,000 notes should continue to circulate until December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, stating that it is unconstitutional.
The lawsuit was instituted by sixteen states in the Federation, including Kaduna, Kogi, and Zamfara, challenging the legality of the government’s policy. The states argued that the policy was causing hardship on innocent Nigerians and accused President Muhammadu Buhari of usurping the functions of the Central Bank of Nigeria (CBN).
In response, the Federal Government challenged the jurisdiction of the Supreme Court, arguing that the CBN was not joined as a party and that the dispute on the policy should be directed at the CBN so that the suit could be referred to the Federal High Court.
However, the Supreme Court dismissed the government’s argument and declared that the policy was unconstitutional, noting that it violates the provisions of the 1999 Constitution.
The Supreme Court’s decision to allow the old notes to remain in circulation until 2023 will provide some relief to Nigerians who have been struggling with the country’s economic challenges.
The decision will also prevent the sudden withdrawal of the old notes, which could have led to chaos and confusion in the economy.
