Sanity At Last: Nigeria Supreme Court Okays Old Naira Notes To Remain Legal Tender Till Dec 31
The Supreme Court in Nigeria on Friday 3rd of March 2023 upturned both President Muhammadu Buhari and the Central Bank of Nigeria [CBN], ruling that the old N200, N500 and N1000 banknotes to remain as legal tenders until December 31, 2023.
The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old Naira notes be used alongside the redesigned currencies.
It 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.
In the lead judgement that was 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.
It would be recalled that the non proper articulated of the new naira notes had brought a consequential hardship many people that even with their saving s in the banks, they could not access them due to restrictions and scarcity of both the old and new notes across the country.
By Our Reporter
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