The Supreme Court of Nigeria said the old 500, 200, and 1000 notes remain valid till December 31, 2023.
The verdict was given today, Friday, March 3, during the sitting of the apex court on the lawsuit filed before it by Kaduna, Kogi and Zamfara states on the new naira redesign policy.
The apex court also described President Muhammadu Buhari’s recent directive as invalid.
Ikeja Bird recalls that Buhari had, in a national broadcast, announced that 500 and 1000 notes are no more legal tender in Nigeria.
However, the president said only the old 200 notes will be available to the public until April. Since then, the Central Bank of Nigeria (CBN) has enforced the president’s directive.
But during a sitting on Friday, the Supreme Court said the old notes remain legal tender till the end of the year and questioned the constitutionality of President Buhari’s directive.
