Delivering a unanimous judgement on the Naira Redesign Policy on Friday March 3, 2023, the Supreme Court of Nigeria declared that the policy is invalid and held as follows;
- The Defendant, that’s the Federal Government, ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law.
- This suit has merits.
- The demonetisation policy is inconsistent with the CBN Act.
- The President cannot make a unilateral policy without carrying the Plaintiffs along.
- In issuing the policy, the president is under an obligation to carry the National Council of States along.
- The policy has impeded the functions of State Governments.
- The directive of the President is illegal.
- Old version of the naira notes shall continue to be legal tender with the new naira notes until 31st December, 2023.
The apex court argued that President Muhammadu Buhari usurped the function of the Central Bank of Nigeria by declaring that N1000, N500 and N200 seized to be legal tender with effect from February 10.
With this development, the general public is expected to do the needful to alleviate the surfering that has been foisted on the citizens.