According to the Supreme Court, the old N200, N500, and N1000 naira notes will remain legal tender after being banned by the Central Bank of Nigeria (CBN).
The apex court ruled that the old banknotes will be recirculated into the system and will be used along with the new currencies.
A seven-member panel of Justices led by Justice Agim gave the ruling on Friday, March 3, 2023, which means the old notes will remain legal tender until December 31.
The court blamed the federal government for not following due processes before deciding on the naira redesign and stopping the circulation of the old currencies.
The highest court in Nigeria also stated that administrative bodies like the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders ought to have been carried along before making the initial decision.
The seven-man panel accused the president of contempt after the court issued an interim order that prohibited the full implementation of the new monetary policy introduced by the CBN.