Earlier today, the Supreme Court of Nigeria ruled that the old N200, N500, and N1,000 notes will remain in circulation till December 31, 2023.
The apex court also ruled that Godwin Emefiele’s naira redesign policy is unconstitutional as it violates the 1999 constitution.
The ruling has generated mixed reactions from Nigerians, causing an uproar across social media space. Nigerians have now turned to Twitter to express their thoughts on the Supreme Court’s order. Below is how Nigerians have reacted to the development on Twitter.
Unculuche said: ”If the policy violates the Nigerian Constitution why are they extending the date of validity of the old currency instead of scrapping the new currency entirely?”
If the policy violates the Nigerian Constitution why are they extending the date of validity of the old currency instead of scrapping the new currency entirely?
— CHIJI (@unculuche) March 3, 2023
Mbah said: “The old Naira redesign was just unnecessary you stopped vote buying but allowed rigging”.
The old Naira redesign was just unnecessary you stopped vote buying but allowed rigging
— MBAH (@Mbahdeyforyou) March 3, 2023
OkeOkeadeoye said: “El Rufai already given the judgement weeks ago. He said that when Tinubu is declared winner the policy will be reversed. Supreme court justices only waited for the INEC to pronounce Tinubu before applying EL Rufai’s judgment. This same court is where Obi is hoping to get justice”
El Rufai already given the judgement weeks ago that when Tinubu is declared president the policy will be reversed. Supreme court justices only waited for the election results to be announced before pronouncements
— oke adeoye (@OkeOkeadeoye) March 3, 2023
SurvTony said: “All part of their grand plan. They have realised they can’t rig the election again as all eyes are on them now, so they now want to buy votes. Watch out for grand vote buying next Saturday.”
All part of their grand plan. They have realised they can’t rig the election again as all eyes are on them now, so they now want to buy votes. Watch out for grand vote buying next Saturday.
— Surv. Tee (@SurvTony) March 3, 2023
OkeOkeadeoye said: “El Rufai said when Tinubu wins the election it will be reversed. Supreme court waited for the results of the presidential election before pronouncements. I pity those who still have confidence in the Nigerian judiciary”
El Rufai already given the judgement weeks ago that when Tinubu is declared president the policy will be reversed. Supreme court justices only waited for the election results to be announced before pronouncements
— oke adeoye (@OkeOkeadeoye) March 3, 2023
Stephanie said: “This Old Naira is due for change. Why are they so kin to invalidate it. The only reason I can agree with them on this matter is the short time given to Nigerians to stop spending the old notes.”
This Old Naira is due for change. Why are they so kin to invalidate it. The only reason I can agree with them on this matter is the short time given to Nigerians to stop spending the old notes.
— STEPHANIE🍭 (@stephbabyy2) March 3, 2023
The backstory: Recall that the implementation of the naira cash policy was greeted with complaints from Nigerians. The governors of Kaduna, Zamfara, and Kogi states even took the federal government to the Supreme Court trying to stop the CBN from implementing the policy. The Supreme extended its ruling on the matter till today.
We only hope that Federal government and Central Bank will listen to the Apex Court ruling on Old Note.
Did the “Apex Court” listen to the Constitution and statute that reserved currency management (which is an integral part of monetary policy) to the CBN and the President? Anything is possible in a LAWLESS country of ANYHOWNESS!