THE Supreme Court on Friday, March 3, 2023, ordered that old #200, #500, and #1,000 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 judgment, 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.
