The Nigerian Supreme Court has on Friday, ruled that the old naira notes remain legal tender and should remain in circulation till December 31 this year.
Giving the final verdict on Friday, the Supreme Court ruled that the Central Bank of Nigeria (CBN) should allow the side by side circulation of the old and the new naira notes till the end of the year.
Furthermore, previous directives issued by President Muhammadu Buhari in respect to the naira re-designing and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.
The Supreme Court discredited President Buhari for disobeying its February 8 order of allowing the old naira notes in circulation.
Justice Emmanuel Akomaye Agim, held that President Muhammadu Buhari exhibited gross disobedience with his broadcast of February 16 in which he allowed only N200 notes in circulation.
