BREAKING : Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till Dec 31







----Dismissed  Obaseki, Diri, FG's preliminary objections

---- President's disobedience of the February 8 order  a sign of dictatorship.

By Editor



March 3, 2023
   

The Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.

The apex court also  dismissed  the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) as the court has the jurisdiction to entertain the suit.

The seven-man panel of Justices, however, nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution

DailyMonitorngr reports that the panel was led by Justice John Inyang Okoro

Justice Emmanuel Agim, who read the lead judgement cited Section 23(2)1 of the constitution to buttress the judgment.

Agim held that the dispute between the FederaL Government and states must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

It averred that the policy has led to some people engaging in trade by barter in this modern age in a bid to survive, just as it opined  that the President’s disobedience of the February 8 order, is a sign of dictatorship.

DailyMonitorngr also reported  that sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

The suit which was initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.

The court had on February 22 fixed March 3, 2023 (today) for the court to make its decision known on the suit.

The 16 states led by Kaduna, Kogi and Zamfara  prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians

They accused the President 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.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello, Zamfara State Governor, Bello Matawalle were  in court to witness the judgement on Friday.


   





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