Supreme Court orders old notes to remain legal tender till December 31st

The Supreme Court on Friday ordered the Central Bank of Nigeria, (CBN) to allow the old naira notes to remain in circulation till December 31 this year.

All directives issued by President Muhammadu Buhari in respect of the naira re-designing and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.

The apex court took a swipe at President Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation.

Justice Emmanuel Akomaye Agim held that the President exhibited and took the disobedience to the highest peak with his broadcast of February 16 in which he allowed only N200 notes alone.