The Supreme Court of Nigeria has ordered that the old ₦200, ₦500 and ₦1,000 remain legal tender till December 31st, 2023.
The apex court also declared that President Buhari’s order on the new naira is invalid, and went further that the naira design policy was in contravention of the law.
Summary of the judgment of the Supreme Court on Naira redesign policy as reported by the media:
The Defendants ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits.
Reliefs granted in favour of the Plaintiffs:
1. The demonetisation policy is inconsistent with the CBN Act.
2. A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along.
3. In issuing the policy, the president is under an obligation to carry the national council of states along.
4. The policy has impeded the functions of state governments.
5. The directive of the president is illegal.
6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 23rd December, 2023.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur