Just In: Supreme Court Nullifies Federal Government’s Naira Redesign Policy …Says Old Naira Notes Of N200, N500 , N1000 Notes To Be In Circulation Till Dec 31, 2023

The Supreme Court has nullified the federal government naira redesign policy.

The Supreme Court in a unanimous judgment read by  Justice Emmanuel Akomaye Agim refers to the procedure in India. 

He said changing  a country’s currency involves serious consultations. This was not done in this case. I hold that no reasonable notice was given as required by s 20(3) of the CBN act. The directive and implementation of the policy is INVALID. 

The Defendants ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits. Reliefs:

1. The demonetisation policy is inconsistent with the CBN Act. 

2.  A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along. 

3. In issuing the policy, the president is under an obligation to carry the national council of states along. 

4. The policy has impeded the functions of state governments. 

5. The directive of the president is illegal

6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 23rd December 2023.