Old N200, N500, and N1,000 notes are to stay in circulation until December 31, 2023, the Supreme Court ruled on Friday.
The Federal Government’s policy of redesigning the naira was also overturned by the Supreme Court, which ruled that it violated the Constitution of 1999.
The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgment, declared that the defendants’ preliminary objections are overruled because the court has the authority to hear the case.
The court held that the conflict between the Federal Government and states must concern law or facts, citing Section 23(2)1 of the constitution.
The supreme court further ruled that President Muhammadu Buhari acknowledged the policy’s flaws and difficulties in his broadcast.
According to the court, the strategy has caused some people to engage in barter trade in the modern day in an effort to survive. The court further stated that the President’s defiance of the decree from February 8 is evidence of dictatorship.
The Supreme Court ruled that President Muhammadu Buhari violated the Federation’s Constitution by giving the Central Bank of Nigeria (CBN) instructions that resulted in the redesign of the Naira.
Judge Agim additionally ruled that before ordering the CBN to launch new Naira notes without authorization, the President failed to engage the National Council of States, the Federal Executive Council (FEC), and the National Economic Council (NEC).
He said that President Buhari’s use of his powers in an unlawful manner to redesign the naira violated the inhabitants of Nigeria’s fundamental rights in a number of different ways.
According to the supreme court, President Buhari’s use of his authority is not appropriate in a democracy and in a society like Nigeria.
By depriving the citizens of ownership access to their money, the court found that the President’s illegal use of executive powers caused them unheard-of economic hardship.
In order to contest whether the establishment of the policy was legitimate or not, sixteen states of the Federation filed the lawsuit.
The initial lawsuit filed by the states of Kaduna, Kogi, and Zamfara has been designated as the first matter on the cause list for a decision.
On February 22, Judge John Inyang Okoro, who presided over a seven-member panel of Justices, set today for the court to announce its ruling on the lawsuit.
The 16 states, led by Kaduna, Kogi, and Zamfara, are asking the supreme court to nullify and set down the policy because it is putting innocent Nigerians through hardship.
They demanded that Buhari’s order be revoked on the grounds that the President had introduced and carried out the policy without consulting the CBN.
On Friday, Kaduna State Governor Nasir El-Rufai and his counterpart from Kogi State, Yahaya Bello, were present in court to see the verdict. At the previous hearing, the two governors were also present in court. Bello Matawalle, the governor of Zamfara State, was also present in court on Friday.