Breaking: S’Court orders old N200, N500, N1000 to remain legal tender till Dec 31
The Supreme Court on Friday ordered that the old N1000, N500 and N200 notes should remain legal tender until December 31, 2023.
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.
It fault the directive issued by President Muhammadu Buhari to the CBN governor to limit access to cash and held that it was a violation of the right of the owners of such funds to their property.
It proceeded to set aside the cash limit directive given to banks by the CBN.
The court’s seven-member panel, expressed displeasure that President Muhammadu Buhari failed to obey its February 8 order for parties to allow the old notes to co-exist with the new ones.
It said the conduct was a disrespect of the Constitution and the nation”s democracy, and a drift towards authoritarianism.
The court held that the suit by the states was properly filed and dismissed all the objections raised by the Attorney General of the Federation (AGF), Bayelsa and Edo states.
