Old Naira Notes To Remain A Legal Tender Till December 31 – Supreme Court
The Supreme Court has announced that the old N200, N500, and N1,000 notes remain valid and should be in circulation till December 31, 2023.
In a ruling delivered today March 3, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim who read the lead judgment held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa, and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
The apex court further held that President Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The court also held that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive.
The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
