March 03, (THEWILL) – The Supreme Court on Friday, ordered that the old N200, N500 and N1000 notes remain in circulation till December 31, 2023.
THEWILL reports that the ruling followed a consolidated suit filed against the Federal Government, from implementing the February 10 deadline to phase out the old naira notes
The states, led by Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos States, prayed the apex court to void and set aside the policy. They accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.
While the Attorney-General of the Federation (AGF), Abubakar Malami (SAN), had filed a preliminary objection against the suit, urging the apex court to decline jurisdiction, he also argued that the CBN was not joined as a party and that the dispute on the policy ought to be directed at the CBN, so that the suit can be referred to the Federal High Court.
Initially filed by Kaduna, Kogi and Zamfara states, the apex court had granted an ex parte motion seeking “an interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction.”
However, ruling on the suit on Friday, a seven-man panel of the apex court, in a judgement read by Justice Emmanuel Agim, nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution
The court also dismissed the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states), adding that it has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation 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.
The court said 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.
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