Supreme Court Invalidates Naira Redesign Policy; Says Old Notes Remain Legal Tender till Dec. 31

The Supreme Court, Friday, declared the Naira redesign policy of the Federal Government And its implementation as invalid and ordered that the old naira notes should continue to circulate alongside the new currencies till December 31, 2023.

Ruling the policy invalid, the apex court declared that it was not done with due consultation and in line with constitutional provisions.

The Supreme Court also held that the three months timeline given by the Central Bank was not in line with the CBN Act was also not in tune with the CBN’s Act, describing it as unconstitutional.

In addition, the apex court also held that President Muhammadu Buhari acted in error and usurped the powers of the CBN when he approved the banning of the old naira notes of N1,000, N500 and N200 notes from February 10, 2023.