Estimated reading time: 3 minute(s)
Sodiq Mojibola
The Supreme Court ruled that the old N100, N200, and N500 notes will be legal tender until December 31, 2023.
In a ruling on a lawsuit brought against the Federal Government’s naira swap policy, the court ruled that the old and new naira notes should coexist.
It criticized President Buhari’s order to the CBN governor to restrict access to cash and declared that it violated the property rights of the owners of that money.
The court ruled that the old and new naira notes should coexist in its ruling on the lawsuit brought against the Federal Government’s currency swap policy.
It then went ahead and disregarded the CBN’s order to banks on cash limits.
The court’s seven-member panel expressed displeasure that President Muhammadu Buhari disobeyed its February 8 directive for parties to tolerate the coexistence of the old and new notes.
It claimed that the actions showed a disregard for the nation’s democracy and the Constitution, as well as a move in the direction of authoritarianism.
The Attorney General of the Federation (AGF), the states of Bayelsa and Edo, and the court all agreed that the lawsuit brought by the states had been lawfully filed.
Estimated reading time: 1 minute(s)
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