Naira redesign no more: President’s directive canned by Nigerian supreme court

The ultimate tribunal of Nigeria has ruled that the aged N200, N500, and N1,000 naira notes stay successful circulation till Dec. 31, 2023, efficaciously nullifying the naira redesign antecedently announced by Nigerian President Muhammadu Buhari. The instauration of redesign sought to signifier retired the usage of the aged naira notes. 

A seven-member sheet of the tribunal led by John Okoro said successful a unanimous judgement that President Buhari issued the directive without consultation.

The tribunal said the national authorities ought to person consulted with the authorities authorities done the applicable body,including the National Council of States and the National Economic Council, earlier embarking connected specified a policy.

The Supreme Court went connected to state Buhari’s directive withdrawing the aged notes from circulation arsenic amerciable and an affront to the 1999 Constitution. The tribunal besides issued different bid nullifying it and extended the ineligible tender presumption of the currency notes till Dec. 31.

The pronouncement is among 9 declarations and orders issued by the Supreme Court successful a judgement connected the suit filed by immoderate authorities governors challenging the President’s directive.

Late past year, Buhari ordered the withdrawal of the N200, N500 and N1,000 notes by 31 January 2021; aft introducing the recently designed versions of the banknotes, which were abbreviated successful supply.

Related: eNaira is ‘crippled‘: Nigeria successful talks with NY-based institution for revamp

The directive, described arsenic a “demonetization policy” by immoderate authorities governors opposed to it, has created a scarcity of banknotes, creating disruption successful the fiscal strategy and hardships for millions of citizens.

The inability to entree currency owed to the scarcity of banknotes during the play besides affected a batch of businesses.

With an already existing pegged maximum ATM withdrawal magnitude of N20,000 ($43), this has besides affected crypto users successful Nigeria who privation to alteration tokens to fiat for section concern transactions and day-to-day expenditures.

However, this caller ruling by the apex tribunal has shed anticipation connected the availability of currency for transactions anytime.