Naira Scarcity: Old Notes Remain Legal Tender Until December — Supreme Court

The Supreme Court has given its ruling on the naira redesign policy from the Central Bank of Nigeria (CBN), saying the old notes remain legal tender until December 31, 2023.

The verdict was given on Friday and the apex court instructed CBN to allow both the old naira notes and the new ones to circulate side by side till the end of the year.

By the ruling, all directives issued by President Muhammadu Buhari in respect of the naira re-designing and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.

In his ruling, Justice Emmanuel Akomaye Agim chided President Buhari for disobeying its interim order of February 8 on the old notes being allowed in circulation.

The judge stated that the nation's leader's disobedience was taken to the highest peak when he addressed Nigerians in a broadcast on February 16, declaring that only the old N200 notes remain legal tender.

Sixteen states of the Federation had instituted the suit challenging the legality of the introduction of the policy from CBN.

Nigerians who have been at the receiving end of the hardship caused by the ensuing naira scarcity will no doubt finally get the much-needed respite following the Supreme Court ruling.