The Supreme Court has extended the validity of the N200, N500, and N1,000 notes till 31 December,2023.
Giving the judgement, a seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians
The court held that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.
Emmanuel Agim, who read the lead judgement, also condemned the President’s disobedience of the February 8 judgement that the old N200, N500, and N1,000 notes should continue to be legal tender alongside the new ones.
He invalidate the president’s broadcast of 16 February that only old N200 notes should be in circulation while old 500, 1000 ceased to be legal tender.
More details later.
