Breaking: Supreme Court Set March 3 For Final Judgement On CBN's Naira Redesign Policy

Breaking: Old Naira Notes Remain Legal Tender, Supreme Court Rules

The apex court declares new naira redesign and withdrawal of old notes invalid

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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).

READ ALSO:Updated: Old Naira Notes Remain Legal, Buhari Acted As Dictator – Supreme Court Declares

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.

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The court also set aside the cash withdrawal limit directive given to commercial banks by the CBN.

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