Supreme Court declares old Naira notes legal tender till Dec 31


The Supreme Court in a unanimous decision on Friday, lifted the ban on use of the old N200, N500 and N1000 banknotes as legal tenders in Nigeria.

The apex court, in a decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31.

It held that the old Naira notes should be used alongside the redesigned currencies.

In the lead judgement that was delivered by Justice Emmanuel Agim, the apex court accused the federal government of disobeying its interim order that halted the full implementation of the new monetary policy.

Specifically, it faulted the federal government for introducing the policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

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