ABUJA, Nigeria (VOICE OF NAIJA) – The Supreme Court has ordered that Nigerians can spend their old N200, N500 and N1,000 notes until 31 December, 2023.
In a ruling made on Friday, 3 March, 2023, Nigeria’s apex court also nullified the Federal Government’s naira redesign policy, stating that it as an affront to the 1999 Constitution.
According to Justice Emmanuel Agim, who read the lead judgement, the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) have now been dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.
The court said the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive, while also adding that President Buhari’s disobedience of the 8 February order, is a sign of dictatorship.