Highlights of Judgement
The Supreme Court of Nigeria has ruled that naira currency denominations of N200, N500 and 1000 should remain in circulation un the Country. Un the Highlights of the judgment, the justices noted that Defendants ought not to be heard when it has refused to obey the orders of the Honourable Court and that such disobedience of the orders of the Court is a sign of the failure of rule of law.
Other Highlights includes that the suit has merits and therefore concluded granted the following reliefs:
1. The demonetisation policy is inconsistent with the CBN Act.
2. A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along.
3. In issuing the policy, the president is under an obligation to carry the national council of states along.
4. The policy has impeded the functions of state governments.
5. The directive of the president is illegal
6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 23rd December 2023.