The Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The Supreme Court ruled that President Muhammadu Buhari violated the Federation’s Constitution by giving the Central Bank of Nigeria, CBN, instructions to redesign the Naira.
According to Justice Emmanuel Akomaye Agim, who delivered the court’s lead opinion, the President violated the law by flagrantly omitting to consult with the National Council of States, the Federal Executive Council, and the National Economic Council before ordering the Central Bank of Nigeria to introduce new Naira notes without authorization.
He held that the unconstitutional use of powers by President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.
The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.
Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.