The Central Bank of Nigeria's (CBN) ban on the use of the old N200, N500, and N1,000 banknotes as legal tender was overturned by the Supreme Court on Friday.
According to Naija_recent, the top court ruled unanimously that the old banknotes should continue to be used as legal cash until December 31, 2023.
It stated that the old Naira notes and the newly designed Naira notes should both be used simultaneously.
The Attorney General of the Federation, the states of Bayelsa and Edo, and Justice Emmanuel Agim, who read the lead judgement, declared that the defendants' preliminary objections are overruled because the court has the authority to hear the case.
Read also: Naira redesign: APC leader cautions Buhari not to defy the Supreme Court
President Muhammadu Buhari's defiance of the court's February 8 order, according to the court, is evidence of dictatorship. The court claimed that the naira redesign policy had forced some Nigerians to engage in barter trade in an effort to survive.