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Akinwande Soji-Ojo
The Supreme Court has nullified Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Delivering judgement on the suit filed by 16 states on Friday, the apex court also ordered old N200, N500, N1,000 notes to remain in circulation till December 31, 2023.
Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants, the Attorney General of the Federation, Bayelsa and Edo States are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The court held that the policy has led to some people engaging in trade by barter in this modern age in a bid to survive, adding that the president’s disobedience of the February 8 order, is a sign of dictatorship.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit was initially instituted by Kaduna, Kogi and Zamfara States, before other states joined as plaintiffs.
Justice Inyang Okoro, who led a seven-man panel of justices of the Court, had on February 22 fixed March 3 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 the president of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.
But the president, in a nationwide broadcast, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
The president’s directive elicited reactions and criticisms against Buhari from Nigerians including governors of his own party, the All Progressives Congress (APC).