On Friday, the Supreme Court issued an order stating that the old Nigerian naira notes must remain in circulation until December 31 of this year. The apex court also directed the Central Bank of Nigeria (CBN) to allow both the old and new naira notes to circulate side by side until the end of the year.
The court’s ruling voided and set aside all directives previously issued by President Muhammadu Buhari with regard to the redesign and circulation of the naira. These directives were deemed to be illegal and an abuse of executive power.
The Supreme Court also criticized President Buhari for disregarding its interim order issued on February 8, which allowed for the continued circulation of old naira notes. Justice Emmanuel Akomaye Agim stated that the President’s February 16 broadcast, in which he only allowed for the use of N200 notes, demonstrated his highest level of disobedience to the court’s order.
#SupremeCourt, #NairaNotes, #CBN, #PresidentBuhari, #Nigeria, #LegalRuling
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