The Supreme Court of Nigeria ordered that the old 200, 500 and 1000 naira notes will remain legal tender until December, 31 2023.
Delivering the judgment Friday, by Justice Emmanuel Agim, also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The Supreme Court delivered judgement 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.
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