BREAKING: Supreme Court Faults Naira Redesign Policy, Declares Old Notes Valid Till Dec
The Federal Government’s Naira Redesign Strategy has been declared invalid by the Supreme Court because it violates the 1999 Constitution.
The 200, 500, and 1000 naira bills must remain in circulation until December 31, 2023, according to Newscrescent media.
The seven-judge bench of the top court unanimously decided that the old banknotes should continue to be accepted as legal tender through December 31, 2023.
It stated that the old Naira notes and the newly designed Naira notes should both be used simultaneously.
The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgment, declared that the defendants’ preliminary objections are overruled because the court has the authority to hear the case.
In an effort to live, some individuals have turned to barter trade, according to the court, which added that President Muhammadu Buhari’s defiance of its February 8 ruling is evidence of tyranny.
