The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN) and further declared the old N200, N500 and N1000 notes legal tender until December 31, 2023. The apex court on Friday nullified the CBN's redesign policy, stating that it was an affront to the 1999 constitution. It added the President’s disobedience of the February 8 order, is a sign of dictatorship.
Justice Emmanuel Agim noted that the unconstitutional use of powers by President Buhari on Naira Re-designing has breached the fundamental rights of the Nigerian citizens in various ways; Adding that the President failed to consult the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the CBN to unlawfully introduce new Naira notes.
Justice Agim also dismissed the preliminary objections by the Attorney General of the Federation, the Bayelsa state government and that of Edo state.
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