The Supreme Court of Nigeria on Friday ordered that the old N200, N500 and N1,000 notes remain in circulation till December 31. The apex c...
The Supreme Court of Nigeria on Friday ordered that the old N200, N500 and N1,000 notes remain in circulation till December 31.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgement, dismissed the preliminary objections by the defendants viz the Attorney Generals of the Federation, Bayelsa and Edo states.
The apex court held that the court has the jurisdiction to entertain the suit.
The justices of the Supreme Court noted that President Muhammadu Buhari, in his broadcast, admitted that the policy is flawed with a lot of challenges.
The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.
The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for a final verdict.
Justice John Inyang Okoro, who led a seven-man panel of Justices of the Court, had on February 22 fixed March 3 for the court to make its decision known on the suit.
No comments