Old N200, N500, N1,000 To Remain Legal Tender Till Dec 31st — Supreme Court
The Supreme Court has ruled that the old N200, M500 and N1000 notes are to remain in circulation till December 31, 2023.
It held that the position of the Federal Government on the redesigned Naira notes by the Central Bank of Nigeria was an affront on the constitution.
While holding that it has the jurisdiction to hear the case, the Supreme Court Justices, led by Justice Inyang Okoro, said the Naira redesign policy was a breach of the 1999 constitution as amended.
The suit, initiated by the Kaduna, Kogi and Zamfara States Governments was later joined by several others.
Among the governors in court for the ruling on Friday were Nasir el-Rufai and Yahaya Bello of Kaduna and Kogi States.