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Breaking: Supreme Court Invalidates FG Cash Redesign Policy
… Says old 200, 500 and 1,000 notes remain legal tender
The Supreme Court has on Friday has invalidated the Federal Government Cash Redesign Policy.
The Supreme Court has ruled that the old N200, N500, and N1,000 notes remain valid and should be in circulation till December 31, 2023.
In a ruling delivered today March 3, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim who read the lead judgment held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa, and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
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.