Supreme Court permits perpetual use of both new and old currencies.

The Supreme Court, in a ruling on Wednesday, declared that both the old and recently redesigned Naira notes remain legal tender until further notice. 

The court, led by Justice John Okoro, asserted that the banknotes should continue in circulation until the Federal Government, after consulting relevant stakeholders, decides otherwise. 

The decision followed an application moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN. 

The court had earlier nullified the ban on the use of old N200, N500, and N1000 banknotes as valid legal tenders, directing their use alongside redesigned currencies until the year's end. 

The Supreme Court criticized the FG for introducing demonetization without consulting relevant bodies, emphasizing the lack of valid notice to federating units before withdrawing old banknotes.