The Supreme Court has ruled that both the old and newly redesigned naira notes will continue to be legal tender until further notice.
The seven-man panel of justices, led by Justice John Okoro, emphasized that the banknotes should remain in circulation pending a decision by the Federal Government, following consultations with relevant stakeholders.
The ruling came in response to an application moved on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.
The court, in a March 3 decision, had nullified the ban on the use of old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.
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The Supreme Court criticized the Federal Government for unilaterally introducing the demonetization policy without proper consultation with various stakeholders, including the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations, and others.
Justice Emmanuel Agim, delivering the lead judgment, stated that the old Naira notes should be used alongside the redesigned currencies until the end of the year.
The court held that the government failed to give valid notice to all federating units before withdrawing the old banknotes from circulation and introducing new ones.
The court further invalidated the directive given by President Buhari on February 16, which allowed only the old N200 note to remain legal tender until April 10.
The Supreme Court accused the President of disobeying its interim order made on February 8, which directed that the old banknotes should remain in use until the determination of the case before it.
The court emphasized that by acting in disobedience to its order, the Federal Government lost its right to be granted an audience before it.
The current administration, led by President Bola Tinubu, sought an indefinite extension of the December 31 deadline set by the previous administration, leading to the recent ruling by the Supreme Court.
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