Supreme Court orders all old naira notes to remain in circulation
The Supreme Court has on Friday nullified the ban imposed on old N200, N500, and N1000 notes.
The FG’s policy to redesign the naira was also overturned by the Supreme Court in a decision issued today, March 3. The court deemed it to be a violation of the 1999 Constitution of the country.
The seven-judge panel of the supreme court unanimously declared that the old banknotes should continue to be accepted as legal tender until December 31, 2023.
It was declared that the old Naira notes should coexist along with the new currencies.
The apex court faulted President Muhammadu Buhari for implementing the demonization strategy without consulting the Federal Executive Council, the Council of States, the Civil Society, and other important stakeholders