Home Local News SUPREME COURT ORDERS OLD NAIRA NOTES TO REMAIN IN CIRCULATION.

SUPREME COURT ORDERS OLD NAIRA NOTES TO REMAIN IN CIRCULATION.

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The Supreme Court has invalidated the new naira design policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.

The apex court, therefore, ordered that the old naira notes shall continue to be used side by side with the new naira notes till the thirty-first of December 2023.

The court held that the three months timeline was also not in tune with the Central Bank of Nigeria’s Act and as such unconstitutional.

Besides, the apex court argued that President Muhammadu Buhari usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and N200 notes from the tenth of February 2023.

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