Supreme Court says old naira notes to stay till December 31
On Friday, March 03, 2023, the Nigerian Supreme Court mandated the continued circulation of the old naira notes until December 31, 2023; the end of this year.
Furthermore, the court invalidated and disregarded all instructions given by President Muhammadu Buhari regarding the redesign and circulation of the naira due to their illegality and executive power abuse.
The apex court served a rebuke to President Buhari for disregarding its temporary directive of February 8, 2023, which authorised the continued circulation of the old naira.
Justice Emmanuel Akomaye Agim declared that the President’s proclamation on February 16, 2023, wherein only N200 notes were deemed acceptable, amounted to an unprecedented zenith of disobedience.
In the judgement delivered by Justice Emmanuel Agim, a seven-member panel said that the Nigerian government had acted in breach of the constitution by going ahead with the policy without consultations with the State government and other stakeholders, and held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023.
The apex court held that the President’s unlawful use of power caused more economic harm than good to the Nigerian citizens as there was a nationwide cash scarcity due to this redesign and swap policy, and many people were denied cash ownership and access to their monies, which led a lot of Nigerians to be cash-poor.
