The Supreme Court of Nigeria has issued a ruling stating that both old and new naira notes will continue to co-exist as legal tender until further notice.
This decision comes after the court extended the deadline for the phasing out of old naira notes to December 31, 2023, earlier in March 2023.
The federal government had filed an application on November 21, seeking an extension of the deadline, citing the prevailing economic crisis and the inability to print the volume of new notes required for the phase-out before the set date.
Lateef Fagbemi, the Attorney-General of the Federation (AGF), presented the case, explaining the challenges faced by the government in implementing the Naira redesign policy within the given timeframe.
“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,” the AGF stated.
He further noted the transition from the immediate-past government to the incumbent government after the presidential election, stating that the new government is just settling down.
During the court session on Wednesday, the federal government team, led by the AGF, moved the application, and the seven-member panel led by Inyang Okoro delivered the judgment.
The ruling clarifies that both old and new denominations, including N200, N500, and N1000 notes, will remain valid legal tender until the federal government, after due consultation with relevant stakeholders