Supreme Court Rules Naira Swap Policy Nullified, Old Naira Notes Valid Until December 31

Today, March 3, the Supreme Court ruled that the N200, N500, and N1,000 notes remain valid and should be in circulation until December 31, 2023. The court also nullified the Federal Government’s naira redesign policy, deeming it unconstitutional. Justice Emmanuel Agim, who read the lead judgement, cited Section 23(2)1 of the constitution, which states that disputes between the federation and states must involve law or facts. He noted that President Buhari admitted that the policy was flawed with many challenges and had led to people engaging in trade by barter in order to survive. Furthermore, the court held that the President’s disobedience of the February 8 order was a sign of dictatorship. The suit was brought forth by sixteen states of the Federation to challenge the legality of the introduction of the policy.