The Supreme Court on Friday nullified President Muhammadu Buhari’s led government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The court, therefore, ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
The Supreme Court delivered judgment in the suit brought against the Federal Government on the naira redesign policy.
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 final verdict.
Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.
The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians
They accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.
On its part, the Federal Government challenged the jurisdiction of the Apex Court on the grounds that the CBN was not joined as a party and that the dispute on the policy ought to be directed at the CBN so that the suit can be referred to the Federal High Court.
Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday.
The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.