Breaking! Supreme Court Declares Naira Redesign Policy Invalid

The Supreme Court has nullified the Naira redesign policy introduced by the Central Bank of Nigeria, CBN last year stating that the policy was invalid.

It stated this on Friday, March 3, with a seven-member panel of the Apex court that the old N200, N500, and N1000 remain valid till 31st December 2023.

Recall that the suit was filed by the Governors of Kaduna, Kogi, and Zamfara States are praying to the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

The Governors who were joined by 16 State Governors accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.