The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgement, held 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.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government 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. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
The apex court held that President Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the CBN.
Justice Agim further held that the President failed to consult the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the CBN to unlawfully introduce new Naira notes.
He held that the unconstitutional use of powers by President Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways.
The apex court said such use of powers by President Buhari is not permitted under democracy and in a society like the Nigeria.
In the unanimous judgement, the court held that the unlawful use of executive powers by the President, inflicted unprecedented economic hardship on the citizens by denying them ownership of and access to their money.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.