The Supreme Court has ruled that the old N1,000, N500, and N200 notes remain legal tender until December 31.
The seven-man panel of justices of the apex court gave the ruling at its sitting on Friday in a suit brought by 17 states against the Federal Government regarding the implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).
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According to one of the Justices, Justice Akomaye Agim, the directive on the withdrawal limit is an infringement of people’s rights.
“I am not aware of any law which empowers a bank to withhold a customer’s money and refused to give him/her.
The court also set aside the cash withdrawal limit directive given to commercial banks by the CBN.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
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