Naira Redesign: Supreme court rule in favour of state governor, old notes legal tender till December 31 [Video]

Image: Peoples Gazette

Today Friday 3rd March 2023, was a victory for the State Governors that dragged the Federal Government to court over the Naira redesign policy. The Supreme Court rule in their favour, and ordered that the old naira notes must remain in circulation till December 31 this year.

The CBN has been ordered by the apex court to allow both the old naira notes and the new ones to circulate side by side till the end of the 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.

Source: torizone.com

#Naira 

#Supreme Court