The Supreme Court has ruled in favour of the continued use of Nigeria’s old naira notes until December 31, 2023.
By the verdict which was given on Friday, the old N200, N500 and N1,000 notes are to remain in circulation because they are legal tender.
The Supreme Court declared the naira redesign policy as against the 1999 constitution and declared it annulled.
The court, in the judgement read by Justice Emmanuel Agim, dismissed the preliminary objections by the defendants – the Attorney General of the Federation, Bayelsa and Edo states.
It declared that the court had the jurisdiction to entertain the suit.
The apex court said the policy had led to Nigerians engaging in the obsolete trade by barter in this modern age in order to survive.
It would be recalled that the suit was initially instituted by the government of Kogi, Kaduna and Zamfara states, to challenge the legality of the new policy.
They were later joined by other states.
It would be recalled that March 3 was fixed for the judgement by the Justice John Inyang Okoro-led seven man panel of Justices of the court on February 22.
