The Supreme Court has declared as invalid the directive as well as the implementation of the Naira redesign policy of the federal government.
To this extent the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023
The apex court declared the policy invalid on the grounds that it was not done with due consultation and in line with constitutional provisions.
The court held that the 3 months timeline was also not in tune with the CBN’s Act and as such unconstitutional.
Besides the apex court argued that president Buhari usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.