Old Naira notes valid till Dec 31

The Supreme Court, today (Friday), has ruled that the old N200, N500 and N1000 banknotes remain legal tenders until December 31.

In a unanimous decision by a seven-member panel of Justices, the court nullified the ban on the old Naira notes.

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

The court 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.

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

The apex court held that though President Buhari could exercise Executive Powers on behalf of the federation, he ought to have given reasonable notice to the federating units, before executing the new monetary policy through the Central Bank of Nigeria, CBN.

It held that reasonable notice was not given to the states as required under section 20(3) of the CBN Act, before the old Naira notes were withdrawn.

Justice Agim held that the approval that President Buhari gave the CBN to withdraw the old banknotes, was invalid.