The Supreme Court on Friday nullified the ban by the Central Bank of Nigeria (CBN) on the use of the old N200, N500 and N1,000 banknotes as legal tenders.
The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, 2023.
It held that the old Naira notes should be used concurrently with the redesigned Naira notes.
Justice Emmanuel Agim, who read the lead judgement, stated that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to hear the suit.
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.