Supreme Court Orders Old N200, N500, N1,000 Notes to Remain In Circulation Till Dec 31st
Written by Olarotimi Oshin on March 3, 2023
The Supreme Court, nullifies the ban on use of the old N200, N500 and N1000 banknotes as legal tenders nullifies
The Supreme Court declared the directive as well as the implementation of the Naira redesign policy of the federal government as invalid.
The apex court declared the policy invalid on the grounds that it was not done with due consultation and in line with constitutional provisions.
To this extent, the apex court has ordered that the old naira notes should continue to be used side by side with the new naira notes till December 31, 2023.
It could be recalled that President Buhari in some quarters said there’s no going back on the naira redesign.
Meanwhile the supreme court argued that president Buhari seize the powers of the central bank on Nigeria when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.