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Supreme Court Approves Use Of Old Naira Notes Till Dec. 31 | READ IN FULL


Supreme Court Approves Use Of Old Naira Notes Till Dec. 31 | READ IN FULL

The old naira notes will remain a legal tender till December 31, 2023 according to a judgement given on Friday, March 3, 2023, by the Supreme Court of Nigeria.


The court in a unanimous decision by a seven-member panel of Justices, ruled that the old naira notes should be used alongside the redesigned notes.

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In the lead judgement that was delivered by Justice Emmanuel Agim, the court queried President Muhammadu Buhari for introducing the new naira policy without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

The supreme court also voided all the directives given by the President on the naira re-designing and circulation on the grounds of illegalities and abuse of executive powers.

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The apex court accused Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation.

According to Justice Agim, the president “exhibited and took the disobedience to the highest peak with his broadcast of February 16 in which he allowed only N200 notes alone.”

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