Old Naira Notes to Remain Legal Tender Till Dec 31 — Supreme Court

The Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.

The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, adding that the old Naira notes should be used alongside the redesigned currencies.

It however, faulted President Muhammadu Buhari for introducing the demonisation policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

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In the meantime, in the lead judgement that was delivered by Justice Emmanuel Agim, the apex court has accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.


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