BREAKING: Supreme Court Says Old Naira Notes Remain Valid

BREAKING: Supreme Court Says Old Naira Notes Remain Valid

  • The Supreme Court has settled the controversy over the implementation of the naira redesign policy
  • The Supreme Court, in its ruling on Friday, March 3, revoked the ban placed on the usage of the old, old N200, N500 and N1000 banknotes
  • According to the ruling, the usage of the old naira notes will remain valid until December 31

FCT, Abuja - The Supreme Court has nullified the ban on using the old N200, N500 and N1000 banknotes as legal tenders.

As reported by Vanguard newspaper, the apex court gave this ruling on Friday, March 3, in a unanimous decision by a seven-member panel of justices.

CBN, Naira Notes
The Central Bank has been under immense pressure since it announced the invalidity of the old naira notes. Photo Credit: CBN
Source: Getty Images

The panel, in its ruling, held that the old banknotes should remain legal tender until December 31.

Similarly, the stipulations of the ruling also noted that the old notes would co-exist with the new redesign currencies already in circulation, Channels TV reported.

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CBN sets date for 12-man meeting as Supreme Court tells Nigerians to use old naira notes till December

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Supreme Court blast FG, accuse Buhari of contempt

While reading out its final decision on the case, the federal government was blamed for not following due processes before deciding on the naira redesign and stopping the circulation of the old currencies.

The apex court held that administrative bodies like the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders ought to have been notified before making the initial decision on the initial implementation of the new naira redesign policy.

The seven-man panel led by Justice Emmanuel Agim accused the president of contempt after the apex court had issued an interim which prohibited the full implementation of the new monetary policy introduced by the Central Bank of Nigeria.

Supreme Court Gives Firm Position on Suit Involving CBN, Buhari's Govt, APC-controlled States

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CBN mute, bank officials speak as Supreme Court reverses Validity of old naira notes

Legit.ng earlier reported that the suit involving the CBN, federal government, and some states in Nigeria over the naira redesign policy would be resolved.

This was the position of the Supreme Court, whose Justice Inyang Okoro-led five-man panel is presiding over the case.

The apex court also said new parties wishing to join the suit would no longer be allowed.

Source: Legit.ng

Authors:
Segun Adeyemi avatar

Segun Adeyemi (Current Affairs and Politics Editor) Segun Adeyemi is a journalist with over 9 years of experience as an active field reporter, editor, and editorial manager. He has had stints with Daily Trust newspaper, Daily Nigerian, and News Digest. He currently works as an editor for Legit.ng's current affairs and politics desk. He holds a degree in Mass Communication (Adekunle Ajasin University). He is a certified digital reporter by Reuters, AFP and the co-convener of the annual campus journalism awards. Email: segun.adeyemi@corp.legit.ng.

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