Nigeria’s Supreme Court has ruled that both the old and new Naira notes will continue to coexist until further notice.
In March 2023, the Supreme Court extended the phase out of the old notes till December 31, 2023.
The Court’s seven-man panel, led by Justice Inyang Okoro, issued the ruling in response to a Federal Government application seeking an extension of the time frame for the circulation of old currency.
The government argued that it had not been able to print a sufficient volume of new notes to facilitate the phase-out of the old currency before the December 31 deadline set by the court in a previous order.
According to the AGF, “since the said consequential order was made, the federal government, in compliance with this honorable 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,” he said.
Delivering the judgment, the seven-member panel led by Inyang Okoro, said 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.