Supreme Court approves validity of old N1000, N500 notes till December 31

The supreme court has approved the validity of the old 1000 and 500 naira notes until December 31, 2023.

The court described the naira redesign policy introduced by the Central Bank of Nigeria (CBN) as invalid and a step in the wrong direction.

The court made the declaration on Friday 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 31 December 2023.

On Monday, findings by Top Naija revealed that commercial banks had begun partial compliance with the order even though the Central Bank of Nigeria and the Office of the Attorney General of the Federation kept mum on the matter.