The apex Court has invalidated the new naira design policy initiated by the Federal Government because it was not done with due consultation and in line with constitutional provisions.
Following, the supreme court order old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023.
Besides, that the supreme court argues President, Muhammadu Buhari, usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.
Delivering judgement, the court considered the defendant’s argument that the court lacked jurisdiction to decide on the case.
The court held that the CBN does not have to be joined as a party in the suit as the CBN had no power to carry out the policy without the directive of the president and that the suit is not an action against the banks or the CBN.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
