Stephen Ukandu, Umuahia
The confusion over the use of old currency notes has been laid to rest by the Supreme Court which Friday, set aside the ban on the use of the old N200, N500 and N1000 notes as legal tenders.
The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31, 2023.
It held that the old Naira notes should be used alongside the re-designed currencies.
The apex court faulted President Muhammadu Buhari for the naira re-design policy without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.
In the lead judgment that was delivered by Justice Emmanuel Agim, the apex court accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.
By this judgment, banks and individuals are barred from rejecting the old currency notes.
