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BY: News Peddlers
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| Old Naira note and Supreme Court |
The Supreme Court of Nigeria has ordered that old naira notes should remain in circulation until the end of the year.
The court ruled that both the old and new banknotes should be permitted to circulate until December 31, 2023.
This order prohibits President Muhammadu Buhari from withdrawing old N200, N500, and N1000 banknotes from circulation.
The Supreme Court ruled that the president did not consult the National Security Council and the National Economic Council before implementing the policy, as required by the constitution.
On Friday morning, Justice Emmanuel Agim read the judgement in the presence of the governors who initiated the suit, Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), and Bello Matawalle (Zamfara).
The Court criticised Mr Buhari's statement in his February 16 broadcast that the naira redesign was in line with global practises, noting that countries such as the United Kingdom and Australia allowed both old and new notes to coexist for at least a year.