The Supreme Court has ruled that both the old and new naira notes will co-exist as legal tender in the country until further notice.
The court had extended the deadline for the use of both currency notes to phase out old naira notes to December 31, 2023.
In a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, the court said both the old and new banknotes should remain in circulation, pending when the federal government, after due consultation with relevant stakeholders, takes a decision on the matter.
The court made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN).
The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by governor of the CBN, Godwin Emefiele.
It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.
Besides, the court invalidated the directive President Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.
While accusing President Buhari of disobeying the interim order it made on February 8 which directed that the old banknotes should remain in use till the determination of the case before it, the Supreme Court stressed that the President, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.
According to the court, having acted in disobedience to its order, the federal government lost its right to be granted an audience before it.
Following the end of the last administration, the President Bola Tinubu-led government re-applied to the Supreme Court for an indefinite extension of its December 31 deadline.
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