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JUST IN: Supreme Court declares old Naira notes as legal tender till Dec 31st

By Monsurudeen Olowoopejo

After listening to arguments from all parties, the Supreme Court has ordered the Federal Government and Central Bank of Nigeria (CBN) to return old Naira notes, N200, N500, and N1000 back to circulation and allow both co-exist in circulation till December 31st, 2023.

Aside from that, the apex court also lifted barriers set by the CBN and commercial banks on Naira notes withdrawal, directing the financial institutions to allow Nigerians to have unhindered access to the currencies across the country.

In the judgment delivered on Friday, the court declared that the apex government’s action, after its injunction, was an affront to the 1999 Constitution.

In a unanimous judgement read by Justice Emmanuel Agim, the court held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa, and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

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