Outdated N200, N500, N1,000 Notes To Stay In Circulation Until Dec 31

The Supreme Courtroom has instructed that previous N200, N500, and N1,000 notes stay in circulation until December 31, 2023. It additionally nullified the Federal Authorities’s naira redesign coverage, declaring it as an affront to the 1999 Structure.

This improvement comes because the apex courtroom delivered judgement within the go well with introduced towards the Federal Authorities on the naira redesign coverage.

Delivering the judgement, Justice Emmanuel Agim defined that the preliminary objections by the defendants (the Legal professional Common of the Federation, Bayelsa and Edo states) are dismissed because the courtroom has the jurisdiction to entertain the go well with.

The courtroom cited Part 23(2)1 of the structure and held that the dispute between the Federal Authorities and states should contain legislation or information.

How did the go well with emerge?

Sixteen states of the Federation had earlier instituted the go well with to problem the legality or in any other case of the introduction of the coverage. Led by Kaduna, Kogi and Zamfara, the 16 states are praying the apex courtroom to void the coverage since it’s inflicting hardships on harmless Nigerians.

Alleging that President Muhammadu Buhari usurped the perform of the Central Financial institution of Nigeria (CBN) within the introduction and implementation of the coverage, the governors requested that the directive issued by Buhari be nullified.

Reacting to the go well with, the Federal authorities challenged the jurisdiction of the Apex Courtroom to listen to the go well with. It argued that the dispute on the coverage should be directed on the CBN in order that the go well with might be referred to the Federal Excessive Courtroom.

What you need to know

The deadline for the swap of previous N200, N500, and N1,000 was prolonged by the Central Financial institution of Nigeria (CBN) from January 31 to February 10 following complaints by many Nigerians however the Supreme Courtroom, after a go well with filed by the states, held that the Federal Authorities, the CBN, business banks should not proceed with the February 10 deadline pending the dedication of a discover in respect of the problem.

Nevertheless, President Muhammadu Buhari, in a nationwide broadcast instructed the apex financial institution to launch previous N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. Whereas the previous N500 and N1,000 banknotes ceased to be authorized tender in Nigeria.

The deadlock between the apex courtroom, the federal authorities and state governments have generated a number of reactions from the Nigerian inhabitants. Additionally, main Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have faulted the President’s transfer, stressing that he can’t overrule the apex courtroom of the land. The query in minds of Nigerians now could be, If Buhari didn’t obey the earlier Supreme courtroom ruling, who says he’ll obey the brand new order?