The Supreme Court has ordered that old N200, N500, and N1,000 notes shall continue to be used alongside with the new naira notes till December 31, 2023.

Wakadaily reports that government of Kaduna, Kogi and Zamfara state have dragged the Federal Government before the Supreme Court over the scarcity of new and old naira notes seeking a restraining order to stop the full implementation of the policy.

The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday February 10, 2023 deadline.

However, the Governor of CBN, Godwin Emefiele, disobeyed the Court on currency swap order, insists on February 10, 2023 deadline for the withdrawal of old currency notes. The apex court however adjourns the case till March 3.

Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

“Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.

“The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

“The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

The apex court held that President Buhari breached the Constitution of the Federation in the ways he issued directives for the re-designing of the Naira by the CBN.”