Supreme Court delivers Judgement on Validity of old currency

The Supreme Court on Friday ordered that the old N200, N500, and N1,000 naira notes should remain in circulation till December 31, 2023.

The Supreme Court has declared that the old and the new Naira notes of 200, 500 and 1000 remain in circulation as legal tender until December 23of of this year. The Apex court held that the demonetisation policy was inconsistent with the constitution, adding that the three-month notice was unsatisfactory.

Old naira notes remain valid till December, says Supreme

The seven-man panel of Justices led by Justice Emmanuel Agim held that the president’s decision on the new monetary policy should have been made after consultation with all the stakeholders and not the decision being handed down after personal engagement with the Central Bank of Nigeria, CBN.

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On the argument that the CBN is not a party to the suit, the court held that the idea is invalid because introducing the new naira policy is the action of the federal government, a defendant in the case. According to the Supreme Court, the CBN is an agency of the government which only acts on the Presidency’s dictates.

Nigeria’s Supreme Court Says Old Naira Notes Remain Legal Tender

Therefore, it maintained that CBN was an unnecessary party to the suit, adding that it can be heard and determined without the joinder of CBN as a party. Also, Justice Agim held that the court had the jurisdiction to hear and determine the suit and dismissed all the preliminary objections for lacking merit.

Reacting to the Apex court’s decision, governors Yahaya Bello of Kogi State, Bello Metawalle of Zamfara and Nasir El’Rufai of Kaduna State expressed satisfaction, adding that it was for the benefit of the people of the country.

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