Supreme Court Says Old Naira Notes Remain Legal Tender

Olanrewaju Segun

Finally, Nigerians can heave a sigh of relief as Supreme Court, on Friday, ruled that the old N200, N500 and N1000 banknotes remain legal tenders.

The judgement was agreed on by the seven-member panel of Justice which held that the old banknotes should remain valid legal tenders until December 31 adding that the old Naira notes should be in circulation alongside the newly-redesigned currencies.

It further faulted President Muhammadu Buhari’s decision to introduce and implement 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