Supreme Court Assert the Use of Old Naira Notes. …..N200,N500 and N1000 should be brought back in circulation.

Lucky Akra

The Supreme Court of Nigeria sitting in Abuja today Friday 3rd of March, 2023 has given judgments asserting the use of all the three old currencies, N200, N500, and N1000 notes as legal tender till December 31, 2023.

The seven-man panel gave this verdict to put to rest, the controversy surrounding the naira swap policy of the Central Bank of Nigeria (CBN).

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

It also 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.

The Court also accused the President of disobeying its interim order that halted the full implementation of the new monetary policy.

 One of the Justices who faulted the policy,Justice Akomaye Agim said the directive on withdrawal limit is an infringement of people’s rights.

According to him,”I am not aware of any law which empowers a bank to withhold a customer’s money and refused to give him/her.”

The Supreme Court has given order that the old note shall remain in circulation till December 31,2023.

It also nullified the new Naira redesign policy and refer to it as an affront to the Nigeria Construction.