The apex court has also nullified the president’s earlier proclamation that the N200 old notes remains a legal tender.
The Supreme Court of Nigeria has mandated the continued circulation of the old naira notes until December 31st, 2023.
Naira scarcity has been one of the major issues facing Nigerians since the beginning of the year due to the naira redesign policy by the Central Bank of Nigeria (CBN).
Due to these issues, the apex court has mandated CBN to facilitate a harmonious coexistence of both legacy and contemporary notes until the end of the year.
The court also invalidated all instructions given by President Muhammadu Buhari regarding the redesign and circulation of the new notes due to their illegality and executive power abuse.
According to the court, President Buhari’s proclamation on February 16, 2023 which stated that only N200 notes were deemed acceptable, amounted to “an unprecedented zenith of disobedience.”