The Supreme Court has ordered for old naira notes of N200, N500 and N1000 to remain legal tender till December 31, 2023.
The apex court also voided the order of President Muhammadu Buhari declaring only the old N200 note and new notes as legal tender.
Delivering judgment on the suit filed against the Federal Government’s naira polocy, the court held that the old naira notes should co-exist with the new notes.
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It faulted the directive issued by President Buhari to the CBN governor to limit access to cash and held that it was a violation of the right of the owners of such funds to their property
It proceeded to set aside the cash limit directive given to banks by the Central Bank of Nigeria led by Godwin Emefiele.
The apex courts seven-member panel also expressed displeasure towards President Muhammadu Buhari for failing to obey its February 8 order for parties to allow the old notes to co-exist with the new ones.
It said the conduct was a disrespect of the Constitution and the nation”s democracy, and a drift towards authoritarianism.
The court held that the suit by the states was properly filed and dismissed all the objections raised by the Attorney General of the Federation (AGF), Bayelsa and Edo states.
