The supreme court has ordered that the Old N200, N500, and N1000 Notes Should continue to be legal tender till December 31, 2023.
The apex court gave the order this Friday in a unanimous decision by seven justices over the suit instituted by 16 states of the Federation against President Muhammadu Buhari on the Naira re-design policy.
Three states, Kaduna, Kogi, and Zamfara were the first set of states to head to the Supreme court to challenge the naira swap policy announced by the Central Bank of Nigeria on October 26, 2022.
Also Read: Breaking: Supreme Court Orders that the N200, N500, and N1000 naira notes continue to be legal tender till December 31, 2023
Two states, Edo and Bayelsa, however, joined the federal government as defendants.
Justice Agim Agreed with the states that under the CBN act the president ought to make consultations before giving any directives on currency redesign by the CBN.
The supreme court upheld the claims of the states that the currency of 200,500 AND 1,000 notes should continue to circulate till December 31, 2023.
(Editor: Hadiza. A. A)
