Supreme Court of Nigeria has ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.
This the decision of the apex court on Friday, 3 March, 2023.
The court nullified the Federal Government’s naira redesigned policy, declaring it as an affront to the 1999 Constitution.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.
Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.
The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians
They accused President Muhammadu Buhari 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.