The Supreme Court on Friday lifted the ban on the use of old N500 and N1000 notes as legal tender. The Supreme Court ruled this in a unanimous decision by a panel of seven judges. They decided that the old banknotes should remain legal tender until December 31st.
It ruled that the old naira notes should be used together with the redesigned currency.
Faulting President Muhammadu Buhari for introducing a demonization policy without proper consultation with the Council of States, the Federal Executive Council, Civil Society and other relevant stakeholders.
In a lead judgement handed down by Justice Emmanuel Agim, the Supreme Court accused President Buhari of ignoring an injunction to stop the full implementation of the new monetary policy.
cc: Vanguard Ng