N500, N1,000 LEGAL TENDER TILL DEC 31–SUPREME COURT
The nation’s highest court, Supreme Court, has said that old N500 and N1000 notes should be recognised as nation’s legal tende til December 31, 2023
This came in a unanimous decision by a seven-member-panel of Justices, who held that the old banknotes should remain valid as means of transaction.
The Supreme Court held that the old Naira notes should be used alongside the redesigned currencies pending the new deadline.
According to the Apex court, government’s decision to introduce the policy without due recourse to stakeholders in the country was improper.
In the lead judgement delivered by Justice Emmanuel Agim, the court said that President Muhammadu Buhari disobeyed its interim order, halting the full implementation of the new monetary policy.
