In respect of the currency redesign policy of the Central Bank of Nigeria (CBN), the Supreme Court of Nigeria has declared that the old Naira notes remain legal tender in the country till December 31, 2023.
The apex court made the pronouncement in a suit instituted by Attorneys General of Kaduna, Kogi and Zamfara States, challenging the Naira Redesign policy of the Federal Government.
Other states joined in suit by the Supreme Court upon their request include the Attorneys General of Katsina, Lagos, Cross Rivers, Ogun, Ekiti, Ondo, and Sokoto.
Subsequently, six other states filed various suits against the Federal Government’s demonitisation policy, and whose cases were consolidated, including Rivers, Kano, Niger, Nasarawa, Jigawa, and Abia.
Similarly, the apex court joined Bayelsa and Edo States as co-respondents in the matter.
Kaduna, Kogi, Zamfara and the other co-plaintiff states are praying the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.
Recall that the Supreme Court in a unanimous ruling on February 6, granted an interim injunction restraining the Federal Government, CBN, commercial banks etcetera from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, the CBN, commercial banks etcetera must not continue with the deadline pending the determination of a notice-on-motion in respect of the issue.
But on February 16, President Muhammadu Buhari directed that the old 200 Naira be accepted as legal tender, while still banning the 500 and 1000 old notes.
However, by the judgement of the Supreme Court on Friday, the 200, 500 and 1000 Naira denominations remain in circulation as a legal tender till December 31, 2023.
A 7-man panel of the apex court led by Justice Emmanuel Agim, faulted the decision of President Muhammadu Buhari on the new monetary policy, stressing that the decision should have been made after due consultation with all the relevant stakeholders and not the decision being made after his personal meeting with the Governor of the Central Bank of Nigeria, Godwin Emefiele.
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