Asiat Meikudi reports
The Supreme Court of Nigeria has on Friday, 3rd March, declared that the old N200, N500, and N1000 notes will remain legal tender till 31st December 2023.
Having observed the controversy and suffering triggered by the currency revamping, the apex court in a judgment reversed the order of the Central Bank of Nigeria on the ground that the implementation of the policy did not follow the constitutional procedure.
Recall that the Supreme Court had earlier issued an interim order on February 8th, 2023 to allow both the old and new version of Naira note to continue as legal tender. However, president Muhammadu Buhari in a press conference on 16 February disobeyed the court’s ruling, stating that only N200 remains valid for 60 days.
Meanwhile, a statement made by a-seven-member panel of the Supreme Court led by justice John Okoro, noted that the Naira notes redesign policy invalid on the ground was done with due consultation of the president.
“The policy only was brought to public with press remarks without the consultation of the National council of state, the Federal Executive council and the National Economics council before proceeding directing the Central Bank of Nigeria (CBN) to introduce a new note,” he said.