March 26, 2023

Old N200, N500, N1000 Notes Are Legal Tender Until December 31′ – Supreme Court

The directive as well as the implementation of the Naira redesign policy of the Federal Government of Nigeria, FGN, was today declared invalid by the Supreme Court of Nigeria.

Consequently, the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes until December 31, 2023.

In a unanimous judgment of the Supreme Court read by Justice Emmanuel Agim, it held that the policy remained invalid for the reason that it was not done with due consultation and in line with constitutional provisions.

According to the Supreme Court, the three months timeline was also not agreeing with the CBN’s Act and as such unconstitutional.

While arguing that President Muhammadu Buhari usurped the powers of the Central Bank of Nigeria, CBN, when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from February 10, 2023, the Supreme Court faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

The apex court equally accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.

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