On Friday, March 03, 2023, the Supreme Court mandated the continued circulation of the old naira notes until December 31, 2023; the end of this year.
The judiciary has mandated the Central Bank of Nigeria (CBN) to facilitate a harmonious coexistence of both legacy and contemporary notes until year-end, thereby providing a welcome reprieve to citizens of the nation.
The court trumps Buhari: Furthermore, the court invalidated and disregarded all instructions given by President Muhammadu Buhari regarding the redesign and circulation of the naira due to their illegality and executive power abuse.
The apex court served a rebuke to President Buhari for disregarding its temporary directive of February 8, 2023, which authorised the continued circulation of the old naira.
Justice Emmanuel Akomaye Agim declared that the President's proclamation on February 16, 2023, wherein only N200 notes were deemed acceptable, amounted to an unprecedented zenith of disobedience.
More to come