The Supreme Court of Nigeria has restrained President Muhammadu Buhari from withdrawing the old N200, N500, and N1000 notes from circulating in Nigeria. The Nigerian apex court had additionally faulted Buhari’s administration for approving the redesign of the banknotes without consulting the 36 states of the federation.
The court, therefore, invalidated the naira redesign policy of the Central Bank of Nigeria, ruling that the use of the old naira notes would remain legal tender up till December 31, 2023.
The seven-member panel of judges who decided on the matter included: John Okoro, Adamu Jauro, Amina Augie, Tijjani Abubakar, Mohammed Garba, Emmanuel Agim, and Ibrahim Saulawa.
The Supreme court made the declaration on Friday, March 3 while delivering judgment in a lawsuit instituted by three states of the federation.
