The Supreme Court, today Friday, 3 March 2023 nullified the ban on the 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, 2023.
It held that the old Naira notes should 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.
In its ruling today, the apex court also nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution.
The Supreme Court delivered judgment in the suit brought against the Federal Government on the Naira redesign policy.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
