The naira redesign policy introduced by the Central Bank of Nigeria, CBN, has been nullified by the Supreme Court.
The apex court made the ruling on Friday while giving the judgment in a suit filed by three state governors.
The apex court and its seven-member panel ruled that the old N200, N500, and N1000 notes remain legal tender until 31st, December 2023.
According to the ruling of the court, the entire timing of the policy introduced by the CBN and it’s enactment were inadequate.
Recall, Godwin Emefiele, CBN governor in October, 2022, declared openly the plan to redesign the naira to control the money supply and aid security agencies in fighting illicit financial flows.
The redesigned naira notes were revealed on December 23, 2022.
The deadline for the implementation of the policy was fixed for January 31, 2023, but it was further extended to February 10.
On February 3, a suit was instigated by Kaduna, Kogi, and Zamfara before the supreme court challenging the implementation of the policy.
Five days later, the supreme court restricted the CBN from giving conclusion to the deadline on the use of old notes following an ex parte application brought by the three states.
Thirteen (13) other states later joined the suit as co-plaintiffs. The states argued that the implementation of the policy has caused untold difficulty for Nigerians.
Abubakar Malami, the attorney-general of the federation (AGF), who is the sole respondent, had, however, filed a preliminary objection to the suit.
The AGF argued that the supreme court lacks the jurisdiction to entertain the matter and that the suit ought to have been filed before a federal high court.
He then said the complainants went wrong to join the CBN in the suit.
