BREAKING: Old Naira notes to remain legal tenders until December 31, 2023 – Supreme Court

CHIGOZIE IKPO, Abuja

The Supreme Court of Nigeria has halted the implementation of the Naira Design policy of the Federal Government and ordered that the Old 200, 500, and 1000 naira notes remain legal tenders, running concurrently with the New notes until December 31, 2023.

In a Unanimous decision by the seven-man panel of the Apex Court read by Justice Emmanuel Agim, the Court held that the demonetization policy is not consistent with the constitution.

The court also set aside the directive in the policy, limiting the amount for withdrawal, and declaring it as unconditional.

The Court held that the President cannot issue directives on Naira Redesign without proper consultation with the National Economic Council and the Federal Executive Council.

Details later…

For a better society

—————————————————————–

Kindly follow us across all our Social Media platforms to stay up-to-date with the latest news and happenings in Nigeria and Across the Globe.

Facebook – https://facebook.com/championnewsonline
Instagram – https://instagram.com/championnewsonline