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 insult 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 found 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.
According to the court, the strategy has led to certain individuals participating in barter trading in this modern day in order to live. The court also stated that the President’s defiance of the February 8 ruling constitutes evidence of tyranny.
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.
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
