The Supreme Court on Friday ordered that old N200, N500, and 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.
Recall that sixteen state governments instituted the suit to challenge the introduction of the policy.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The Federal Government on its part 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.