Logo of the Central Bank of Nigeria used to demonstrate the story.
The Supreme Court has faulted the CBN’s currency redesign policy and has declared the implementation invalid.
Summary of judgment delivered by the apex court on Friday 3rd March 2023, as posted by Inibehe Effiong, a human right lawyer, says the old N200, N500, and N1000 denominations remains legal tender till December 2023 and should circulate alongside the new notes.
The court held that the policy was inconsistent with the CBN Act.
The court ruled as follows:
1. The demonetisation policy is inconsistent with the CBN Act.
2. A declaration that the President cannot make a unilateral policy without carrying the Plaintiffs along.
3. In issuing the policy, the president is under an obligation to carry the national council of states along.
4. The policy has impeded the functions of state governments.
5. The directive of the president is illegal.
6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 23rd December, 2023.
