The Supreme Court of Nigeria, has ordered for the continuous usage of old 500, 1000 naira note. Giving it’s judgment, it said the old notes will remain legal tender till Dec 31, 2023.
This is coming after President Muhammadu Buhari made a contrary decision.
The court session was preceded over by the Justice Emmanuel Agim, who nullified the CBN’s Naira redesign policy.
Supreme Court Ruling
In a judgment passed today, after resuming the plenary session on the case, the Supreme court, through Justice Emmanuel Agim, who read the lead judgement, nullified the CBN’s Naira redesign policy as an affront to the 1999 Constitution.
According to the Justice Emmanuel, the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit. According to the court, the conflict between the federation and the states must include either law or facts and be supported by Section 23(2)1 of the constitution.
Back Story
Recall that the Supreme Court earlier adjourned till March 3 the case instituted by some state governments against the Federal government which is to challenge the implementation of the naira redesign policy.
The apex bank’s decision will likely frustrate Nigerians, many of whom were hoping for a quick resolution to the hardship already caused by the naira scarcity crisis.
During the court proceedings on today, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.
Arguing further, he said the apex bank does not have the jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
Read Also: Breaking: Supreme Court Adjourns New Naira Policy
Conclusion
The policy has caused some people to engage in trade by barter in the modern age to survive after President Muhammadu Buhari’s earlier decision. This has however caused a lot of issues in the country, hence the decision for the continuous use of the old naira notes.
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