BREAKING: Old 200, 500, 1000 Naira Notes Legal Tender Till December 31 – Supreme Court Rules
In a landmark ruling on Friday, the Supreme Court has directed the Central Bank of Nigeria to allow the old and new naira notes to circulate side by side until December 31, 2023.
The court declared null and void all directives previously issued by President Muhammadu Buhari regarding the redesigning and circulation of the national currency, citing abuse of executive powers and illegalities.
The court also criticized the President for flouting its interim order of February 8, which had allowed for the continued use of old naira notes.
Justice Emmanuel Akomaye Agim admonished the President for taking disobedience to the “highest peak” with his February 16 broadcast that allowed only N200 notes to remain in circulation.
This ruling is a major victory for those who had opposed the President’s move to phase out old naira notes.
