AKINWALE ABOLUWADE
The old N500 and N1000 notes are still recognized as nation’s legal tender until December 31, the Supreme Court has held.
This came in a unanimous decision by a seven-member-panel of Justices, who held that the old banknotes should remain valid as means of transaction.
The Supreme Court held that the old Naira notes should be used alongside the redesigned currencies pending the new deadline.
According to the Apex court, government’s decision for introducing the policy without due recourse to stakeholders in the country was improper.
In the lead judgement delivered by Justice Emmanuel Agim, the court said that President Muhammadu Buhari disobeyed its interim order halting the full implementation of the new monetary policy.
