The Supreme Court, seating in Abuja, today, nullified the ban on the old naira banknote swap deadline imposed by the Central Bank of Nigeria and recently validated by the Federal government.
The court apex, waking to its constitutional responsibility as the arbiter of justice and watch dog of constitutional order, made this declaration while delivering its judgment in a suit filed by Kaduna, Kogi and Zamfara states, which were later joined by 13 other states.
A seven-member panel of the Supreme Court, in a unanimous decision, held that the old ₦200, ₦500 and ₦1,000 banknotes remain valid legal tender until December 31, 2023. Recall that last week, the Supreme Court deferred its judgment on the old and new Naira banknotes swap deadline, thereby dashing the hope of expectant Nigerians.
With this judgment, the tension created by the scarcity of the new naira banknotes and the unavailability of the old ₦500 and ₦1,000 banknotes is expected to ease with the injection of the old ₦500 and ₦1,000 banknotes into the money market. Also, this judgment, if respected and enforced by the Federal government, will truly re-affirm the independence of Nigeria’s judiciary.
Expectedly, the endless queues at bank premises including the misery and anguish resulting from the old naira ban will start to fizzle out from next week. As Nigerians anxiously await the response and the stance of the Federal government on the Supreme Court’s judgment, it is undoubted that this situation offers an excellent opportunity for the Federal Government to define itself as a respecter of the rule of law.
