The Supreme Court has ruled that the old N200, N500 and N1,000 notes remain legal tender till December 31, 2023.
The court also declared the implementation of the naira redesign policy invalid.
The apex court gave the rulings on Friday March 3, 2023.
The court decried the implementation of the naira policy of the Central Bank of Nigeria.
The lead judgement was delivered by Justice Emmanuel Agim.
The apex court held that reasonable notice was not given for the implementation of the policy.
Justice Agim held: “I hold that no reasonable notice was given by the CBN under section 20 of the CBN Act. The directive is invalid and I hereby declare it so.
“In other countries, decisions to change currencies follow due process and in accordance with democratic dictates, not after a side talk with their Central Bank chiefs.
“The directive given by the President, through a press release by the CBN is invalid.”
The Supreme Court faults President Muhammadu Buhari for failing to consult with the states on the implementation of the new naira policy.
Justice Agim declared invalid the approval given to the CBN by President Buhari for the withdrawal of the old notes.