BREAKING: Supreme Court Declares Old N200, N500, N1000 Notes Valid Till Dec 31

Supreme Court of Nigeria has on Friday March 3 declared that old N200, N500 and N1000 notes valid legal tenders.

This Online Newspaper reports that the court in its judgment said even though President Muhammadu Buhari has the executive power, it is against the constitution to introduce the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

DON’T MISS: CBN Directs Banks To Collect Old N500, N1000 Notes

The presiding judge of the seven-member panel of justice of the court, Justice Emmanuel Agim said “there is no justification to the limitation of money in circulation and the disobedience of president Buhari is a sign of failure of our democracy.”

It therefore concluded that the old naira bank notes should remain valid till December 31 2023 and should used together with new naira notes.