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The Supreme Court has nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders, affirming that they remain valid legal tender till December 31, 2023.

Court

The apex court made the declaration on Friday while delivering judgment in a suit instituted by three States of the federation against the Federal Government on the policy.

The court also faulted President Muhammadu Buhari for introducing the policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

Oyo News reports that it held that the old Naira notes should be used alongside the redesigned currencies.

By oyonews

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