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Old, new Naira notes’ll remain legal tender indefinitely – Supreme Court


Old, new Naira notes’ll remain legal tender indefinitely – Supreme Court

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Supreme Court, on Wednesday, ruled that both the old and the new Naira notes of N200, N500 and N1,000 remain valid legal tenders indefinitely.

Supreme Court in a ruling by a seven-man panel led by Justice Inyang Okoro, ordered the old and the redesigned naira notes to be in circulation beyond December 31, 2023.

The apex court made the order following the hearing of the application of the Federal Government moved by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.

On November 21, President Bola Tinubu-led administration had filed an application before the Supreme Court seeking an extension of circulation of the old naira notes.

Recall that the apex court had nullified on March 3 the restriction on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The Supreme Court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.

In its lead judgment that was prepared and delivered by Justice Emmanuel Agim, the apex court knocked the FG for unilaterally introducing the demonetisation policy through the Central Bank of Nigeria.

It faulted the CBN for embarking on such development without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.