The Supreme Court has ruled that the old N200, N500, and N1,000 notes remain legal tender till December 31, 2023.
This is one of the rulings of the nation’s apex court on Friday, March 3, 2023.
Supreme Court, in a unanimous decision, as agreed by all Justices, ruled that old naira notes shall co-exist with new Naira Notes, and old notes shall continue to be legal tender until 31st December 2023
The Supreme Court on Friday in Abuja reportedly nullified the Federal Government’s cashless and Naira re-design policy, declaring it as an affront to the 1999 Constitution.
The Apex Court held that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he issued directives for the re-design of the Naira by the Central Bank of Nigeria, CBN.
Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court, held that the President acted ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council, FEC, and the National Economic Council, NEC, before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.
He held that the unconstitutional use of powers by President Buhari on Naira re-designing breached the fundamental rights of the Nigerian citizens in various ways.
The Apex Court said such use of powers by President Buhari was not permitted under democracy and in a plural society like the Nigerian nation.
Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.
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