The supreme court has ordered that the old N200, N500, N1000 naira notes should continue to co-exist with the new notes as all continue to remain as legal tender until the federal government put a process in place for their replacement or redesign after due consultation with relevant stakeholders.
roll film mute:
The Seven-man panel of justices headed by justice Inyang Okoro gave the order following a motion filed by the federal government through the office the attorney general of the federation and minister of justice, seeking the order of the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
The government also prayed the court to lift its earlier order which was given on march 3, 2023 believing that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 deadline.
In the fresh application the federal government further 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.
In a unanimous verdict, the apex court allowed federal government’s application in line with the march 3,ruling of the court which allowed the old notes to continue to be legal tender till December 31,2023.
It will be recalled that three states, Kaduna, Kogi and Zamfara were the first set of states to head for the supreme court, to challenge the naira swap policy, announced by the central bank of Nigeria on October 26, 2022.