Supreme court nullifies naira swap policy, says old Naira notes are valid till Dec. 31

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According to a decision by the Supreme Court, the previous N200, N500, and N1,000 notes are still legal tender and should continue to be used until December 31, 2023.

The Federal Government’s policy to redesign the naira was also overturned by the Supreme Court in a decision issued today, March 3. The court deemed it to be a violation of the 1999 Constitution.

The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgment, declared that the defendants’ preliminary objections are overruled because the court has the authority to hear the case.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts. The apex court further held that President Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.

The court also held that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.