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Sunday, April 21, 2024

Just in: Supreme court okays use of old naira notes till Dec 31

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The Supreme Court on Friday ordered the Federal Government to allow the old Naira notes to continue as legal tender until Dec. 31, 2023.

The judgment was unanimous with a seven-member panel of justices presided by Justice Inyang Okoro on Friday held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1000, without consultation with the states, the Federal Executive Council and the National Council of State, was unconstitutional.

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

The lead judgment read by Justice Emmanuel Agim also dismissed the preliminary objection by the federal government challenging the jurisdiction of the apex court to hear the suits by the 16 states challenging the currency policy.

The panel held that the CBN, being an agent of the federal government, need not be joined as a party in the matter.

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