The Federal Government's new naira design strategy has been declared unlawful by the Supreme Court on the grounds that it was not implemented properly or in accordance with constitutional provisions.
The top court subsequently decreed that the old and new naira notes may be used concurrently until December 31, 2023.
The court determined that the three-month deadline was also illegal since it did not follow the Central Bank of Nigeria Act.
Additionally, the top court claimed that when president Buhari issued the order banning the old naira notes of N1,000, N500, and N200 notes starting on February 10, 2023, he exceeded the authority of the Central Bank of Nigeria (CBN).
The defendants' contention that the court lacked jurisdiction to decide the issue was taken into account by the court before passing judgment.
According to Judge Agim, the act of the Nigerian president and government is an act of the federation.
The court determined that the dispute falls under its original jurisdiction because it is one between the states and the federal government.
It was decided that in order to prevent a significant interruption of government activities and trades, the federation's administration need to have held proper consultations.
The validity of the President's decision to redesign the naira, release the new notes into circulation, and remove the old notes without consulting Nigerians through the council of states and the National Economic Council was upheld, disproving the claim that the CBN should have been the proper party to be sued.
The court ruled that the CBN does not need to be become a party to the lawsuit because it lacks the authority to implement the policy without the president's approval and since neither the banks nor the CBN are targets of the lawsuit.