The Supreme Court on Friday ordered the Old Naira Notes – N200, N500, and N1,000 naira banknotes to remain in circulation until 31 December 2023.
Old naira notes are Still valid
The Supreme Court also overturned the Federal Government’s Naira restructuring policy, declaring it an affront to the 1999 Constitution.
The Supreme Court has ruled on a case against the federal government regarding Naira’s restructuring policy.
Sixteen states have filed lawsuits to challenge the legality or illegality of the policy.
The 16 states, led by Kaduna, Kogi and Zamfara, are praying for the Supreme Court to overturn and overturn policies that have caused trouble for innocent Nigerians.
They accused President Muhammad Buhari of depriving the Central Bank of Nigeria (CBN) of its role in initiating and implementing policies and called for the directive issued by President Buhari to be reversed.
The federal government challenged the jurisdiction of the Supreme Court, arguing that CBN did not participate as a party and that the dispute in principle should be referred to CBN so that the matter could be referred to the Supreme Court. .
His seven-member panel, chaired by Justice Inyang Okoro, was postponed from February 22 to his March 3 to consolidate cases brought from various states and present arguments on the issue. After that, I made a decision.
The 16 states currently on the plaintiff’s list are:
The first plaintiffs – Kaduna, Kogi and Zamfara – and seven who joined on February 15 – the states of Cross River, Sokoto, Lagos, Ogun, Katsina, Ondo, and Ekiti.
The rest are his six other states that participated Wednesday: Nasarawa, Niger, Kano, Jigawa, Rivers and Abia.
SOURCE: businessday.ng
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