Just in: Supreme Court orders return of old naira notes to circulation

The Supreme Court on Friday ordered the return of the old naira notes to be circulated alongside the new ones until December 31.

A seven-member panel of justices presided by Justice Inyang Okoro in a unanimous judgement held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1000, without consultation with the states, the Federal Executive Council and the National Council of State, was unconstitutional.

The apex court said there was no reasonable notice given before the implementation of the policy as provided under the CBN Act.

The lead judgment read by Justice Emmanuel Agim also dismissed the preliminary objection by the federal government challenging the jurisdiction of the apex court to hear the suits by the 16 states challenging the currency policy.