The Supreme Court has extended the the validity of the N200, N500, and N1,000 notes till 31 December.
A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians
The court held that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.
Emmanuel Agim, a member of the panel, who read the lead judgement, also condemned President Muhammadu Buhari’s disobedience of the court’s 8 February order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.
He said the president’s broadcast of 16 February that only N200 notes should remain legal tender made Nigeria’s democracy look like a mere pretension while democracy is replaced with autocracy.