Supreme court declares old Naira notes to remain in circulation till Dec 31

The supreme court of Nigeria has annulled the ban on the use of the old N200, N500 and N1000 banknotes till December 31, 2023.

According to Channels, the apex court, in a unanimous decision by a seven-member panel of Justices, nullified the naira redesign policy as instructed by the Federal Government, declaring that it was an offence in the 1999 Constitution.

The apex court gave reasons for the annulment, explaining that the new naira policy has erupted trade by barter amongst Nigerians in this modern age just to survive, while also adding that the President, Muhammadu Buhari had confessed in his broadcast that the policy is defective and has a lot of challenges.

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Courts give reasons for annulment

The court added that the president failed to consult the National Council of States, Federal Executive Council (FEC) and National Economic Council (NEC) before instructing CBN to go ahead with the new Naira policy and also disobeyed the court’s orders on the continued use of the Naira notes.

The court then asserted that it is an act of disobedience and proof of dictatorship because he refused to follow procedures as it is required in the constitution.

Justice Emmanuel Agim, who read the lead judgement, further scorned President Buhari for violating the rights of the citizens of Nigeria and added that such use of power is never accepted in Nigeria.

The court explained that the decision of the President has made several Nigerians’ life difficult because of the difficulties in having access to their money.

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Buhari Fails To Speak On Violent Protests, Deaths Across Nigeria 

Meanwhile, President Muhammadu Buhari disobeyed a Supreme Court order on the continued use of old naira notes. 

Despite admitting the difficulties that the new currency policy is causing Nigerians, he only approved the continued use of N200 notes as legal tender across the country.  

He said the old N200 will exist alongside the new N200 notes as the Central Bank of Nigeria (CBN) will continue to mop up the old N500 and N1,000 still in the hands of Nigerians.