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Friday, December 8, 2023

Old Naira Notes Remain Legal Tenders Till… — Supreme Court Gives Final Verdict



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By Izunna Okafor

The Nigeria’s apex court, the Supreme Court, on Friday, ruled that the old N200, N500 and N1000 banknotes as legal tenders remain legal tenders.

The court, in a unanimous decision by a seven-member panel of Justices, nullified the ban on the use of the old naịra notes and held that the old banknotes should remain valid legal tenders until December 31.

It ruled that the old Naira notes should be used alongside the redesigned currencies.

According to the apex court, President Muhammadu Buhari was wrong for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

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In the lead judgement that was delivered by Justice Emmanuel Agim, the apex court accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.

It said the defendants (CBN And Federal Government) do not deserve to be heard because it has refused to obey its orders.

“The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits,” Supreme Court ruled.

The court also held that the demonetisation policy is inconsistent with the CBN Act and further ruled that the President cannot make a unilateral policy without carrying the Plaintiffs (state Governors) along.

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Continuing, the Supreme Court said that in implementing the policy, the President is under an obligation to carry the national council of states along, and that the policy has impeded the functions of state governments.

The court also faulted and outlawed President Buhari’s directive on the stoppage of the use of the old naira notes.

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