The Supreme court on Friday 3rd March nullified the ban on the use of the old naira note (#200,#500, and #1,000) bank notes respectively as legal tenders. The apex court in Nigeria, in a unanimous decision by a seven-member panel of Justices, held that old naira notes remain legal tender till 31st December 2023.
Their decision is that the old naira bank notes should be used together with the new redesigned currencies or notes. Old Naira Notes Remain Legal Tender
The Supreme court faulted the President of Nigeria Muhammadu Buhari for the introduction of the demonetization policy without consultations with the Council of States, the Civil Society, The Federal Executive Council, and other relevant stakeholders in the country.
Justice Emmanuel Agim delivered the lead judgment at the apex court. The lead judgment accused President- Muhammadu Buhari of disobeying the court’s interim order that sopped the full implementation of the new monetary policy.