Breaking: The Supreme Court Has Nullified The Ban on 200, 500 And 1000 Naira Banknotes
The Supreme Court has nullified the ban on 200, 500 and 1000 naira banknotes as legal tender on Friday, the 3rd of March, 2023.
In a unanimous decision by a seven-member panel of justice, the apex court held that the old N200, N500 and N1000 banknotes remain valid legal tenders and can still be used for transactions until the end of the year, 31st of December, 2023. This doesn’t cancel the redesigned naira notes as the old naira notes are to be used alongside the redesigned currencies.
The Guardian Nigeria reported that The Supreme Court faulted President Muhammadu Buhari for not duly consulting the council of the states, the Civic Society and other relevant stakeholders and the Federal Executive Council before introducing the demonization policy.
According to the lead judgment delivered by Justice Emmanuel Agim, the Supreme Court accused the president of disobeying its interim order which halted the full implementation of the new monetary policy.
Recall that in October 2022, the Central Bank of Nigeria (CBN) announced that the three highest denominations of the naira (N200, N500, N1000) would be redesigned and introduced into the economy.
The populace was urged to swap their old naira notes with the redesigned ones while commercial banks were also directed to return existing denominations to the CBN.
After a ban was placed on the old notes on the deadline given, there was scarcity of cash, and this created a great concern for the populace.