The supreme court has ruled that old and new naira notes will co-exist as legal tender until further notice.
In March 2023, the supreme court had 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, Lateef Fagbemi, the attorney-general of the federation (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.
According to the AGF, “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,” he said.
At the court session on Wednesday, the federal government team led by the AGF, moved the application.
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.