Old notes remain legal tender till Dec 31, Supreme Court orders
The Supreme Court has ordered that the old N1000, N200 and N500 notes should remain legal tender until December 31, 2023.
The court, in a judgment on the suit filed against Federal Governments naira swap poly, held that the old naira notes should co-exist with the new notes.
It faulted the directive issued by President Buhari to the CBN governor to limit access to cash and held that it was a violation of the right of the owners of such funds to their property.
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It proceeded to set aside the cash limit directive given to banks by the CBN.
The court’s seven-member panel, expressed displeasure that President Muhammadu Buhari failed to obey its February 8 order for parties to allow the old notes to co-exist with the new ones.
It said the conduct was a disrespect of the Constitution and the nation”s democracy, and a drift towards authoritarianism.
The court held that the suit by the states was properly filed and dismissed all the objections raised by the Attorney General of the Federation (AGF), Bayelsa and Edo states.