VAM News Update
THE Supreme Court has ruled that both the old and the new naira notes of N200, N500 and N1,000 remain valid legal tenders until further notice.
In a ruling by a seven-man panel led by Justice Inyang Okoro on Wednesday, the apex court ordered the old and the redesigned naira notes to be in circulation beyond December 31, 2023.
The Court made the order following the hearing of the application of the Federal Government moved by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.
President Bola Tinubu-led administration on November 21, had filed an application before the Supreme Court seeking an extension for the old naira notes to remain as legal tender.
Recall that the apex court had nullified on March 3 the restriction on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.
The Court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.
In its lead judgment that was prepared and delivered by Justice Emmanuel Agim, the apex court knocked the FG for unilaterally introducing the demonetisation policy through the Central Bank of Nigeria, CBN.
It faulted the CBN for embarking on such development without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.
