The Naira redesign policy has affected Nigerians on varying scales since it was initiated, but after the original deadline was made public, many Nigerians began to panic. The supreme court has now allayed the fears.
The Supreme Court has ruled that old and new Naira banknotes remain legal tender and could be used concurrently till further notice.
Delivering the judgement on Wednesday, the seven-member panel led by Justice Inyang Okoro, said both old and new ₦200, ₦500 and ₦₦1000 notes should continue to be used as legal tender, until the Federal Government puts a process in place after due consultation with relevant stakeholders.
The apex court made the order, after it heard an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN.
The court had on March 3, nullified the ban on use of the old ₦200, ₦500 and ₦1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.
The court held that the old Naira notes should be used alongside the redesigned currencies, until the end of the year.
In its lead judgement that was prepared and delivered by Justice Emmanuel Agim, the apex court slammed FG for unilaterally introducing the demonitization policy, through the Central Bank of Nigeria, CBN, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.
It held that FG failed to give valid notice to all the federating units, before it decided to withdraw the old banknotes from circulation and introduce new ones.