Supreme Court Rules That Old N200, N500, N1000 Notes Remain Legal Tender Till Dec 31

By Admin

Supreme Court has ruled that old N200, N500,N1000 notes remain legal tender till December 31.

Naijanewshub.com.ng gathered that the Supreme Court, on Friday, nullified the ban on 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.

It held that the old Naira notes should be used alongside the redesigned currencies.

It faulted President Muhammadu Buhari for introducing the denominization 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.