The federal government of Nigeria has ordered that old Naira notes should remain legal tender till December 31st. The Supreme Court, on Friday, nullified the ban on the use of the old N500 and N1000 banknotes as legal tenders.
The apex court, decided by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, 2023. It held that the old Naira notes should be used alongside the redesigned currencies.
Why Supreme Court Ordered for the Return of Old Naira Notes
The court faulted President Muhammadu Buhari for introducing the policy because they did not consult 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.