N500, N1,000 notes remain in circulation till December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution.
the Supreme Court of Nigeria has dismissed preliminary objections made by the Attorney General of the Federation, Bayelsa, and Edo states, stating that the court has the jurisdiction to hear a case brought by 16 states challenging the legality of the government’s policy on currency exchange. The court cited Section 23(2)1 of the constitution, which states that disputes between the federal government and states must involve law or facts.
The court also noted that President Muhammadu Buhari, in a broadcast, admitted that the policy was flawed and had caused many challenges. The court observed that the policy had forced some people to engage in trade by barter in modern times. The court further stated that the president’s disobedience of the court’s order was a sign of dictatorship.
The 16 states, including Kaduna, Kogi, and Zamfara, had filed a suit challenging the policy’s legality, which was initially instituted by these three states. The plaintiffs asked the court to void the policy, claiming it inflicted hardship on innocent Nigerians. The Federal Government challenged the apex court’s jurisdiction, arguing that the Central Bank of Nigeria (CBN) was not joined as a party and that the dispute on the policy should be directed at the CBN.
The Supreme Court, led by Justice John Inyang Okoro, had fixed the case for final verdict after the hearing on February 22. The governors of Kaduna, Kogi, and Zamfara, Nasir El-Rufai, Yahaya Bello, and Bello Matawalle respectively, were present at the judgment.
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