Supreme Court: Old naira notes are valid money until December 31

The previous naira notes must continue to be used until December 31 of this year, the Supreme Court said on Friday.

The Supreme Court of Nigeria ordered the Central Bank of Nigeria (CBN) to permit the old and new naira notes to circulate simultaneously until the end of the year.

Because they were illegal and abused, all orders given by President Muhammadu Buhari regarding the redesign and circulation of the naira were revoked and overturned.

President Buhari received criticism from the supreme court for disobeying its interim order from February 8 allowing the old naira to be used in commerce.

The President demonstrated and elevated disobedience with his broadcast on February 16 in which he permitted only N200 notes alone, according to Justice Emmanuel Akomaye Agim.