The Supreme Court on Wednesday ordered that the old N200, N500, and N1000 notes should continue to co-exist with the new notes till further notice
The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
Mid-November, the Central Bank of Nigeria (CBN) had said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.
The Federal Government subsequently urged the Supreme Court to grant an extension of time for old naira notes to remain in circulation as legal tender.
In an application by the Attorney-General of the Federation, Lateef Fagbemi, the Federal Government asked the apex court to lift its March 3 order that the old naira notes should remain alongside the new notes till December 31, 2023.
The Federal Government explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank Governor, Godwin Emefiele.
It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.
In its ruling on Wednesday, the apex court ruled that old and new naira notes should co-exist till further notice.
