The Supreme Court on Friday nullified the naira redesign policy of the Central Bank of Nigeria (CBN) which has thrown the nation into economic chaos in the last few weeks.
The apex court stated that the policy was an affront on the 1999 constitution of the country, and thereby ordered that the old N200, N500 and N1000 notes remain in circulation till December 31, 2023.
The ruling therefore restrained President Muhammadu Buhari and the CBN, from a full implementation of the naira redesign policy.
In its ruling on the suit filed by 16 states spearheaded by Governors Nasir El-Rufai of Kaduna State along with his Zamfara and Kogi States counterparts, Bello Matawalle and Yahaya Bello, the court issued a restraining order on Buhari, stopping him from withdrawing the old N200, N500 and N1000 banknotes in circulation.
In the judgement read by Justice Emmanuel Agim, the apex court said the President “did not follow the provisions of the constitution before implementing the policy.”
The court also noted that the President and the CBN failed to consult the National Security Council and National Economic Council before implementing the policy.
The court therefore ruled that the old and the new banknotes should be allowed to be in circulation until December 31, 2023.
(Ripples)