Old Money Remains Legal Tenders Till December 2023″ …….Just As Supreme Court Declares, Invalidates CBN Policy On Naira Swap

By Emmanuel Adeoye 

The Supreme Court of Nigeria, while asserting the “invalid” nature of the CBN Naira swap policy’s directive and implementation, declared the extension of the old notes validity till December 2023.

The apex court had earlier in the  proceeding addressed its legitimacy to precide the over the case.

According to the Supreme Court, this is a dispute between the Government of the Federation and the constituent units, this, It is within the original jurisdiction of the Supreme court. The Court refers to the procedure in India. Changing a country’s currency involves serious consultations. This was not done in this case.

The Court therefore, hold that no reasonable notice was given as required by s 20(3) of the CBN act. The directive and implementation of the policy is INVALID. All the declarations sought by plaintiffs are granted. Old money remains legal tenders till December 2023