The Supreme Court has ruled that both the old and new naira notes will co-exist as legal tender in the country until further notice.
The Supreme Court had extended the deadline for the use of both currency notes to phase out old naira notes to December 31, 2023.
In a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, the court said both the old and new banknotes should remain in circulation, pending when the federal government, after due consultation with relevant stakeholders, takes a decision on the matter.
The court made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN).
The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by governor of the CBN, Godwin Emefiele.
It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.
Besides, the court invalidated the directive President Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.
While accusing President Buhari of disobeying the interim order it made on February 8 which directed that the old banknotes should remain in use till the determination of the case before it, the Supreme Court stressed that the President, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.
According to the court, having acted in disobedience to its order, the federal government lost its right to be granted an audience before it.
Following the end of the last administration, the President Bola Tinubu-led government re-applied to the Supreme Court for an indefinite extension of its December 31 deadline.
Useless government and a very corrupt judiciary with practically nothing to offer.
Good afternoon all
Perfect response from the highest court of the land…. please let the supreme court do justice to the illegal detention of mazi nnamdi KANU, let them free the innocent Man come Dec 15th to enable the easterners to have peace.
He should do the right thing by obeying the law of the land
Illegal what? Kanu will rot in jail and his Biafra will never see the light of day
It’s well
That’s the right thing to do bcos is the comon man that will still suffer for it so is a welcome development
Really we are welcome with this dicission.
Its is only in Nigeria that the principal officers are above the law
Bcs the court can not make any judgement that did not suit those principal officers and you expect them to just looked at it
So the drug money hidden in the bullion van at bourdilourn will be useful… Useless judiciary
A nonentity Joseph still daydreaming after the Obidiot’s loss of the presidential election, groaning and moaning till 2027
If Buhari has disobeyed the Court what’s the penalty? If it was a common man that disobeyed the Court what’s the penalty too?
This is all they know how to do. Punish innocent citizens even in hard times snd later come with same old promises snd continue the same corrupt leadership. Is this what will make the naira gain relevance economically?
Bastards, wats effect does it have in the value of the naira itself, inflation wants to finish somebody for nothing.
Ahmed Yahaya, if such development is true, we may say that Supreme Court is right, BCOS we Masses are tired with different kind of wahala.
Good evening my people
Good one
They should stop it
Yes is better because we have suffer eliot
We Nigerian we need justice tolerance progress and dignity about human being
The decisions take by the supreme Court is well meaningful to all Nigerian. Because the current situation in our economy is bad and also high inflation every where in nigeria, but the damage has been done already by unwise decisions take by president buhari
I thank the supreme court for the verdict. Never would Nigerians pass through such draconian policy from CNN again.
I thank the supreme court for the verdict. Never would Nigerians pass through such draconian policy from CBN again.
Never again would nigerians experience such draconian policy from the CBN. Kudos to the supreme court.