A seven-member panel of the Supreme Court led by John Okoro on Friday ordered the use of old naira notes until December 31, 2023.
The apex court also ruled that the cash limit policy introduced by the Central Bank of Nigeria, CBN, was unjustifiable.
In a unanimous decision, the Supreme Court held the decision to change a country’s currency cannot be handed down after a personal consultation with just the governor of CBN and that the demonetisation policy is inconsistent with the CBN Act.
The court declared that the president cannot make a unilateral policy without carrying the Plaintiffs along, and in approving the policy, the president is under an obligation to carry the national council of states along.
The Supreme Court further held that the policy had impeded the functions of state governments, and that the directive of the president is illegal.
The court therefore ordered that the old version of the naira notes shall continue to be legal tender with the new naira notes until 31 December 2023.