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Supreme Court Invalidates CBN’s Currency Redesign Policy, Orders Old Notes in Circulation Till Year End
Supreme Court Invalidates CBN’s Currency Redesign Policy, Orders Old Notes in Circulation Till Year End} Nigeria‘s Supreme Court has ruled that the old N1,000, N500 and N200 bank notes should remain in circulation till the end of the year, which spurred jubilation across the country.
The Central Bank of Nigeria (CBN) had earlier announced the redesign of N200, N500, and N1,000 notes but the Supreme Court declared the Naira redesign policy invalid on the grounds that it was not done with due consultation and in line with the constitutional provisions.
Amongst other things, the apex court further declared that ”the demonetisation policy is inconsistent with the CBN Act”, adding that it has impeded the functions of state governments.
Credit: https://www.thisdaylive.com/index.php/2023/03/04/scourt-declares-old-naira-notes-valid-till-december-31/
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