The Supreme Court, yesterday, ruled that the old and new naira notes remain legal tender till further notice.

The apex court, in a judgment by a seven-man panel, led by Justice John Okoro, ordered that the banknotes should remain in circulation, pending when the Federal Government takes a decision on the matter after due consultation with relevant stakeholders.

It made the order, after hearing an application moved on behalf of the government by Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.

The court had on March 3 this year, nullified the ban on use of the old N200, N500 and N1000 notes as legal tender by the immediate past President Muhammadu Buhari administration.

It held that the old currencies should be used alongside the redesigned ones until the end of the year.

In its lead judgment that was prepared and delivered by Justice Emmanuel Agim, the apex court slammed government for unilaterally introducing the policy, through the Central Bank of Nigeria (CBN), without consulting the Council of States, Federal Executive Council (FEC), National Security Council, National Economic Council, civil society organisations (CSOs) and other relevant stakeholders.

It maintained that the government failed to give valid notice to all federating units before deciding to withdraw the old notes from circulation and introduce new ones.

The Supreme Court insisted that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by then governor of the CBN, Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to states as envisaged under Section 20(3) of the CBN Act.

Besides, the court invalidated the directive by then President Buhari on February 16 that allowed only the old N200 note to remain a legal tender till April 10.

While accusing the former Nigerian leader of disobeying the interim order it made on February 8, which directed that the old banknotes should remain in use till determination of the case before it, the apex court stressed that the ex-President, by going ahead to ban the old banknotes, acted in a way inimical to democratic governance.

According to the court, having acted in disobedience to its order, the government lost its right to be granted audience.

Following the end of the last administration, the President Bola Tinubu-led government re-approached the Supreme Court for an indefinite extension of its December 31 deadline.