The Central Bank of Nigeria’s (CBN) ban on the use of the old N200, N500, and N1,000 banknotes as legal tender was overturned by the Supreme Court on Friday.
According to POLITICS NIGERIA, the top court ruled unanimously that the old banknotes should continue to be used as legal cash until December 31, 2023.
It stated that the old Naira notes and the newly designed Naira notes should both be used simultaneously.
The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgement, declared that the defendants’ preliminary objections are overruled because the court has the authority to hear the case.
The court said the naira redesign policy has led to some Nigerians engaging in trade by barter in a bid to survive, adding that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship.