The Supreme court has ruled as ‘Illegal’ and ‘Invalid’ the naira redesign policy.
16 states led by Kaduna, Kogi and Zamfara challenged the policy at the apex court, seeking that the policy be set aside on the grounds that it was inflicting hardship on the polity.
The Supreme Court ruled that old naira notes; N200, N500 and N1000 will continue to be legal tender until December 31, 2023.
About 50 Senior Advocates of Nigeria (SANs), representing various parties were in court over the case.
President Muhammadu Buhari amidst outcry and criticisms of the policy said it was going to check corruption and money politics ahead of the 2023 general election.
The policy had led to a shortage of cash nationwide and led to a high use of online transactions.
Protest ensued across the nation over the scarcity of the naira, while lesser denomination of N100, N50, N20 became popular demand.
In order to quell the tension Zamfara and Kaduna state government outlawed the rejection of the old notes; N200, N500 and N1,000.
RN