Supreme Court Orders Old N200, N500, N1,000 Notes To Remain In Circulation Till Dec 31

… Faults Buhari Directives on Old Naira Notes

The Supreme Court on Wednesday ordered that the old N1000, N500 and N200 notes should remain legal tender until December 31, 2023.

The court, in a judgment on the suit filed against Federal Government naira swap policy, held that the old naira notes should co-exist with the new notes.

The Supreme Court also 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.