The Supreme Court has ruled that the old N200, N500 and N1,000 notes remain legal tender till December 31, 2023.
The court also declared the implementation of the naira redesign policy invalid.
The apex court gave the rulings on Friday March 3, 2023.
The court decried the implementation of the naira policy of the Central Bank of Nigeria.
The lead judgement was delivered by Justice Emmanuel Agim.
The apex court held that reasonable notice was not given for the implementation of the policy.
Justice Agim held that: “I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act. The directive is invalid and I hereby declare it so.
“In other countries, decisions to change currencies follow due process and in accordance with democratic dictates, not after a side talk with their Central Bank chiefs.
“The directive given by the President, through a press release by the CBN is invalid.”
The Supreme Court faults President Muhammadu Buhari for failing to consult with the states on the implementation of the new naira policy.
Justice Agim declared invalid the approval given to the CBN by President Buhari for the withdrawal of the old notes.
Justice Agim held that: “The position of the president as Agent of the federation imposed a duty of consultation on him. Not to do so makes him a dictator.
“States have a right to be consulted by President before the directive to the CBN, as constituents of the Federation.”
No fewer than 16 states have filed the suit against the Federal Government over the naira redesign policy.
All the states in their respective motions pitched their tents with the three aggrieved states (Kaduna, Kogi, and Zamfara) that initially ignited the legal battle.
The 16 states are Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, Sokoto, Rivers, Kano, Nasarawa, Abia, Jigawa, and Niger
Edo and Bayelsa states, however, pitched their tents with the Federal Government.
The three states (Kaduna, Kogi, and Zamfara) had specifically applied for an order of Interim Injunction restraining “the Federal Government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, the time frame with which the now older version of the 200, 500, and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”
Details shortly….
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