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Breaking: Supreme Court rules, extends old naira notes validity

Naira notes1

The Cashless policy and Naira re-design policy, has been nullified and declared as an affront to the 1999 Constitution by the Supreme Court of Nigeria on Friday March 3, 2023 in Abuja.

Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court said the Federal Government breached the Constitution in issuing directives for the re-designing of the Naira by the Central Bank of Nigeria (CBN).

The court further faulted the President for failing to consult the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC) before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.

In doing so, the apex court extended use of old naira notes till December 31, 2023.

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