In a landmark ruling today, March 3, the Supreme Court has declared the Federal Government’s naira redesign policy as unconstitutional and invalid. The court ruled that the old N200, N500, and N1,000 notes remain legal tender and should remain in circulation until December 31, 2023.
Justice Emmanuel Agim delivered the lead judgment, dismissing preliminary objections by the defendants, which included the Attorney General of the Federation, Bayelsa, and Edo states. The court held that it has the jurisdiction to hear the case and cited Section 23(2)1 of the constitution, which states that disputes between the federation and states must involve law or facts.
The court also noted that the policy had caused significant challenges and led some people to engage in trade by barter in a bid to survive. It further held that President Buhari’s disobedience of the February 8 order was a sign of dictatorship.
This ruling is expected to have significant implications for the Nigerian economy and is likely to be closely watched by stakeholders across the country.
