New Notes Saga: Supreme Court Extends Validity Of Old Naira Notes To December 2023
The Supreme Court has extended the former naira notes’ expiration date to December 2023. The Central Bank of Nigeria’s (CBN) naira redesign program was criticized by the Supreme Court, which ruled that implementing the naira notes swap was illegal and violated the 1999 Constitution.
The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgment, declared that the defendant’s preliminary objections were overruled because the court has the authority to hear the case. The court held that the conflict between the federal government and the states had to involve either law or facts, citing Section 23(2)1 of the constitution.
The Federal Government was sued over its naira redesign policy, and the Supreme Court rendered judgment in that case.
To contest the validity of introducing the policy, sixteen member states of the Federation filed a lawsuit. The 16 states, led by Kaduna, Kogi, and Zamfara, are urged that the policy be revoked and set aside since it is putting innocent People through suffering. The Federal Government, for its part, contested the Apex Court’s jurisdiction because the CBN was not made a party to the case and that the CBN should be the target of the policy disagreement to have the case transferred to the Federal High Court.
Before that, the CBN said that all old naira notes would stop being accepted as legal money as of Friday, February 20, 2023. So it’s refreshing to see that the injunction to let old notes be used alongside the new is a welcome idea, especially amongst the masses who have recently been in a cash crunch.
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