The Supreme Court had on March 3, 2023, declared the directive and implementation of the new naira policy initiated by the Central Bank of Nigeria as invalid and that circulation and use of the affected old notes must continue until 31st December, 2023.
Part of the Court order contained in the Judgment delivered by His Lordship Emmanuel Akomaye Agim JSC, reads:
A DECLARATION that the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law unconstitutional and not binding on the plaintiffs’.
A DECLARATION that the directive of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts.
An order that the old version of 200, 500 and 1000 naira notes shall continue to be legal tender alongside with the new or redesigned version until 31-12-2023.
An order that that the reception of old 200, 500 and 1000 naira notes and the swapping of same with new naira notes shall continue till 31st December, 2023
All the consolidated suits listed in pp 12-13 of this nt shall abide this judgment.”
