The Supreme Court ruled that both the old and new naira notes remain valid legal tender notes in the country after December 31.
In a ruling by a seven-member panel led by Justice Inyang Okoro, the Supreme Court said on Wednesday, November 29, that the banknotes should remain in circulation until the federal government makes a decision on the matter after full consultation with the relevant stakeholders.
The order was filed by Prince Lateef Fagbemi (SAN), the Attorney General of the Federation and Minister of Justice, on behalf of the federal government.
On March 3, the court nullified the ban by the President Muhammadu Buhari-led administration on the use of the old N200, N500 and N1000 notes as valid legal tender
The court ruled that the old naira notes should remain in use with the newly designed currency until the end of the year.
In its lead judgment by Justice Emmanuel Agim, the High Court condemned the government for unilaterally introducing the demonization policy through the Central Bank of Nigeria (CBN) without consulting the Council of States, Federal Executive Council, National Security Council, National Economic Council, civil society organizations, and other relevant stakeholders.
It held that the federal government failed to give effective notice to all federal units before deciding to stop the circulation of the old bills and introduce the new ones.
The Supreme Court argued that evidence was presented to prove that the purported notice on monetary policy was the result of “mere press conference statements” by CBN Governor Godwin Emefiele.
The Supreme Court held that such statements did not constitute “reasonable notice” to the state as contemplated by Section 20(3) of the CBN Act.