The Supreme Court , on Wednesday, ruled that the old N200, N500 and 1,000 notes and new naira notes will continue to co-exist as legal tender until further notice.
The Supreme Court had in March 2023, extended the deadline to phase out old naira notes to December 31, 2023.
On November 21, the Federal Government had filed an application before the Supreme Court, seeking an extension of the deadline.
In the fresh application, Attorney-General of the Federation (AGF) and Minister of Justice, Chief Lateef Fagbemi (AGF), said due to the prevailing economic crisis, it has not been able to print the volume of new notes that would enable it phase out old currency notes before December 31.
The AGF said, “Since the said consequential order was made, the Federal Government , in compliance with this honourable court’s order, directed the CBN to engage and has been engaging the respondents in their individual capacities and in their capacities as members of the National Council of State and National Economic Council with respect to the Naira redesign policy.
“In between the time the order was made and now, there was a presidential election in the country which has led to a transition from the immediate-past government and the incumbent government which is just settling down.”
When the matter came up on Wednesday, the Federal Government team led by the AGF, moved the application.
Delivering the landmark judgment, the seven-member panel led by a Justice of Supreme Court (JSC), Justice Inyang Okoro, held that both old and new N200, N500 and N1000 notes should continue to be used as legal tender, until the Federal Government puts a process in place after due consultation with relevant stakeholders.
It is instructive to note that the former Central Bank of Nigeria (CBN) Governor, Godwin Emefele had issued a new naira note which was to mop excess cash in circulation but the policy brought untold panic and hardship on Nigerians.
The old currency was to be illegal by January 2023 but the consolidated suits by Kaduna, Kogi, Zamfara and other states governments prompted the Supreme Court to postpone the deadline.
The apex court had, on March 3, restrained the CBN from giving effect to the deadline on the use of old notes.
The Supreme Court on Tuesday maintained that the old and new notes should remain as legal tender beyond December 31 until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.
The CBN had on November 14, extended the validity of the old N200, N500 and N1,000 notes indefinitely.
