BREAKING: SUPREME COURT ORDERS OLD NOTES TO REMAIN IN CIRCULATION

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The Supreme Court has ordered that the old 200, 500 and 1000 naira notes be returned back into 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.

According to the court, 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.

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.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.

The court Judgement:

The Derendants 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:

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 31st December 2023.