Supreme Court has nullified the Federal Government’s Naira redesign Policy, declaring it an affront to the 1999 Constitution.
Gatekeepers News reports that the apex court also ordered the 200, 500, and 1000 naira notes to remain in circulation till December 31, 2023.
The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, 2023.
It held that the old Naira notes should be used concurrently with the redesigned Naira notes.
Justice Emmanuel Agim, who read the lead judgement, stated that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
The court said the naira redesign policy has led to some people engaging in trade by barter in this modern age in a bid to survive, adding that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship.
This is a developing story.