S/Court nullifies naira policy, says old notes valid till Dec 31

The Supreme Court has put to rest the controversies and confusion over the Central Bank of Nigeria (CBN)'s naira redesign policy.

Today. The Supreme Court  invalidated the naira redesign policy.

The court made the declaration  while delivering judgment in a suit instituted by three states of the federation.

A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until December 31, 2023.

Some state governors had dragged the federal government to the apex court as Nigerians suffer the effect of the policy.

Supreme Court  judgement on the CBN's Naira redesign policy today, Friday, March 3. Photo credits: PIUS UTOMI EKPEI/AFP, Olukayode Jaiyeola/NurPhoto Source: Getty Images

At least three state governors, Nasir El-Rufai of Kaduna , Yahaya Bello of Kogi and Zamfara State Governor, Bello Matawalle who  also arrived the Supreme Court for the crucial verdict are present in the court.

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