the Apex court in Nigeria, the Supreme court has ordered that old naira notes should be valid till the 31st of December 2023 and circulation of the new Naira notes.
Today, a seven-member panel of justices headed by Justice Inyang Okoro said that it is unconstitutional to redesign and withdraw old notes of #200, #500, and #1000 without consulting states, the Federal Executive council, and the National Council of the State.
Supreme Court also said that no reasonable notice was given before the execution of the policy under the CBN Act.
Supreme Court continued in their statement that the president of Nigeria also broadcast that the policy is wrong and has lots of flaws.
However, about sixteen states in Nigeria had also challenged the legality of the introduction of the policy.
More to come…
