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BREAKING: Old naira notes remains legal tender till December 31 – Supreme Court

The Supreme Court on Friday ordered that the old naira notes must remain in circulation till December 31 this year.

The apex court ordered the Central Bank of Nigeria CBN 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.

 

 

Prevail Inegbenose

Prevail Inegbenose is the Chief Executive Officer (CEO), Spark Media & Entertainment Ventures, the Publisher of Spark News Daily - Nigeria's most sought-after online newspaper in Government, Politics, Sport, Entertainment and Religion. Prevail Inegbenose studied Mass Communication from the prestigious Auchi Polytechnic Auchi and graduated in 2007. He is an experienced journalist with 16 years of active and practical journalism. Prevail Inegbenose is the Lead Pastor, House of God Int'l - Rest Tabernacle, Abuja - Nigeria. Tel: 08039564796.

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