NEWS
Old naira notes to stay in circulation, rules Supreme Court
The Supreme Court has rule on Friday, stating that the ban that was imposed on old N200, N500, and N1000 notes has been nullified.
The Federal Government’s policy to redesign the naira has also been overturned by the Supreme Court in a decision issued today, March 3, citing that it is a violation of the 1999 Constitution of the country.
In a unanimous decision by the seven-judge panel of the Supreme Court, it was declared that the old banknotes should continue to be accepted as legal tender until December 31, 2023. Additionally, the old Naira notes should coexist along with the new currencies, as stated in
.
The apex court found fault with President Muhammadu Buhari for implementing the demonetization strategy without consulting the Federal Executive Council, the Council of States, the Civil Society, and other important stakeholders.
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