The Supreme Court has faulted the Federal Government directive and the implementation of the Naira redesign policy saying it was done without due consultation and breached the constitutional provisions.
In a judgement on Friday, the Apex court declared the policy invalid and
ordered that the old naira notes shall continue to be used side by side with the new naira notes until December 31, 2023.
The court held that the 3 months timeline announced for the programme violated not the CBN’s Act and as such unconstitutional.
Reacting to the Judgement, the original plaintiffs,Kaduna state Governor,Nasir El – Rufai , Governor Yahaya Bello of Kogi and Governor Bello Matawalle lauded the Supreme Court judgement. They believed that the President would do the needful and direct the CBN to comply with the order.
