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Supreme Court Suspends Naira Swap Policy, To December 31st 2023.



The Supreme Court of Nigeria on Friday 3rd March 2023 ruled on the old naira swap policy of the Central Bank Of Nigeria.

The Nigerian apex court,ruled that the old N200, N500, N1,000 notes which the central bank of Nigeria has already suspended it’s usage, remains valid and should be in circulation till December 31, 2023.

The supreme court in their ruling on Friday morning, equally voided the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution.

According to the chief judge,Justice Emmanuel Agwim 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.

Read More;Allow Banks To Accept Deposit Of Naira Notes – Atiku Tells CBN.

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

The supreme court further stated that President Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.

The court also held that 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.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

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