BY NKECHI NAECHE-ESEZOBOR–The Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes noting that the old Naira notes remains legal tenders until December 31.
In a unanimous decision by a seven-member panel of Justices, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The court made the declaration while delivering judgment in a suit instituted by three states of the federation.
The court held that the three months timeline was also not in tune with the Central Bank of Nigeria’s Act and as such unconstitutional.
Details soon….
