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Friday, March 1, 2024

Supreme Court overules FG, says Nigeria’s old naira notes remain valid 

Supreme Court overules FG, says Nigeria’s old naira notes remain valid 

The Supreme Court of Nigeria on Friday delivered judgement in the suit brought against the federal government on the naira redesign policy, ordering that the old N200, N500, N1,000 notes should remain in circulation till December 31, 2023.

The apex court nullified the federal government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

The court, in a unanimous decision by a seven-member panel of Justices, held that the old Naira notes should be used alongside the redesigned currencies.

It faulted President Muhammadu Buhari for introducing the demonization policy without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

In the lead judgement that was delivered by Justice Emmanuel Agim, the apex court faulted President Buhari for disobeying its interim order that halted the full implementation of the new monetary policy.

Sixteen states of the federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

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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