Breaking News: Supreme Court Declares Naira Redesign Policy Invalid.Akokacon
Supreme Court Allows Old and New Notes to Operate Concurrently Until December 31 after Declaring Naira Redesign Policy Invalid.
The Supreme Court has declared as invalid the directive as well as the implementation of the Naira redesign policy of the federal government.
To this extent the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023.
The apex court declared the policy invalid on the grounds that it was not done with due consultation and in line with constitutional provisions.
The court held that the 3 months timeline was also not in tune with the CBN’s Act and as such unconstitutional.
Besides the apex court argued that president Buhari usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.
Justice Emmanuel Agim read the lead judgment and dismissed preliminary objections by defendants.
The court held that it had jurisdiction to entertain the suit based on Section 23(2)1 of the constitution.
The dispute must involve law or facts for this ruling to be applicable.
Kogi, Kaduna and Zamfara state governments have sued the Federal Government at the Supreme Court.
The suit calls for a nullification of the central bank deadline.
More than 10 states have joined in on this lawsuit.