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Just IN: Old Naira Notes remain legal tender till Dec 31, Supreme Court orders

500 and 1000 naira notes
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Just IN: Old Naira Notes remain legal tender till Dec 31, Supreme Court orders

The Supreme Court has ordered that the old N1000, N200, and N500 notes should remain legal tender until December 31, 2023.

The court, in a judgment on the suit filed against Federal Governments’ naira swap poly, held that the old naira notes should co-exist with the new messages.

It faulted the directive issued by President Buhari to the CBN governor to limit access to cash and held that it violated the right of the owners of such funds to their property.

It proceeded to set aside the cash limit directive given to banks by the CBN.

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The court’s seven-member panel expressed displeasure that President Muhammadu Buhari failed to obey its February 8 order for parties to allow the old notes to co-exist with the new ones.

It said the conduct was a disrespect of the Constitution and the nation’s democracy and a drift towards authoritarianism.

The court held that the suit by the states was filed correctly and dismissed all the objections raised by the Attorney General of the Federation (AGF), Bayelsa, and Edo states.

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Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple's Bite International Magazine.

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