The redesigned naira, which Nigerian President Muhammadu
Buhari had earlier declared, will no longer be in use as of December 31, 2023,
according to a ruling by the country's supreme court. The previous naira notes
were intended to be phased away with the introduction of redesign.
President Buhari issued the command without consulting
anyone, according to a unanimous ruling by the court's seven-member panel,
which was chaired by John Okoro.
The court ruled that before implementing such a policy, the
federal government should have engaged with the state governments through the
appropriate entity, such as the National Council of States and the National
Economic Council.