{"id":48872,"date":"2023-03-03T11:58:17","date_gmt":"2023-03-03T11:58:17","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=48872"},"modified":"2023-03-03T11:58:23","modified_gmt":"2023-03-03T11:58:23","slug":"old-n200-n500-n1000-notes-remain-legal-tender-supreme-court","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/old-n200-n500-n1000-notes-remain-legal-tender-supreme-court\/","title":{"rendered":"Old N200, N500, N1,000 notes remain legal tender \u2013 Supreme Court"},"content":{"rendered":"<p>The Supreme Court of Nigeria has ruled that the nation\u2019s old banknotes remain legal tender.<\/p>\n\n\n\n<p>The court on Friday in Abuja nullified the Federal Government\u2019s cashless and Naira re-design policy.<\/p>\n\n\n\n<p>It declared it as an affront to the 1999 Constitution.<\/p>\n\n\n\n<p>The Court ruled that President Muhammadu Buhari breached the Constitution of the Federation in the ways and manners he issued directives for the re-designing of the Naira by the Central Bank of Nigeria, CBN.<\/p>\n\n\n\n<p>Justice Emmanuel Akomaye Agim, who read the lead judgment of the Court, held that the President acted ultra vires by his glaring failure to consult with the National Council of States, Federal Executive Council FEC and the National Economic Council NEC before directing the Central Bank of Nigeria to unlawfully introduce new Naira notes.<\/p>\n\n\n\n<p>It said that the unconstitutional use of powers by President Buhari on Naira Re-designing breached the fundamental rights of the Nigerian citizens in various ways.<\/p>\n\n\n\n<p>The Apex Court said such use of powers by President Buhari is not permitted under democracy and in a plural society like the Nigerian nation.<\/p>\n\n\n\n<p>Among others, the Supreme Court held that unlawful use of executive powers by the President inflicted unprecedented economic hardship on the citizens by denying them ownership of their monies and access to the money.<\/p>\n\n\n\n<p>The court however said that the old currencies could only be illegal at the end of December 2023 and not the February 10 that the Central Bank later agreed upon.<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-48872\" data-postid=\"48872\" class=\"themify_builder_content themify_builder_content-48872 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The Supreme Court of Nigeria has ruled that the nation\u2019s old banknotes remain legal tender. The court on Friday in Abuja nullified the Federal Government\u2019s cashless and Naira re-design policy. It declared it as an affront to the 1999 Constitution. The Court ruled that President Muhammadu Buhari breached the Constitution of the Federation in the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":48873,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[191],"class_list":["post-48872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-naira","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Old N200, N500, N1,000 notes remain legal tender \u2013 Supreme Court - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/old-n200-n500-n1000-notes-remain-legal-tender-supreme-court\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Old N200, N500, N1,000 notes remain legal tender \u2013 Supreme Court - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Supreme Court of Nigeria has ruled that the nation\u2019s old banknotes remain legal tender. 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