JUST IN: Supreme Court rules old, new naira notes to co-exist till further notice

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The Supreme Court on Wednesday ordered that the old N200, N500, and N1000 notes should continue to co-exist with the new notes till further notice.

The Supreme Court has ruled that both the old and new currency notes will continue to be recognized as legal tender until the Federal Government establishes a process for their replacement or redesign, following due consultation with relevant stakeholders.

In mid-November, the Central Bank of Nigeria (CBN) announced that the old N200, N500, and N1,000 notes would retain their legal tender status indefinitely.

Subsequently, the Federal Government sought an extension from the Supreme Court to allow the old naira notes to remain in circulation as legal tender.

The Attorney-General of the Federation, Lateef Fagbemi, filed an application urging the apex court to lift its March 3 order, which stipulated that the old notes should coexist with the new ones until December 31, 2023.

The Federal Government clarified that if the Supreme Court rejects its request for an extension of the circulation period for old currency notes, there is a potential risk of facing another national, economic, and financial crisis similar to what occurred in the first quarter of the year during the implementation of the naira redesign policy under the former Central Bank Governor, Godwin Emefiele.

The government urged the court to permit the continued use of both old and new notes until consultations with stakeholders are concluded, emphasizing that the economy may face renewed challenges as some Nigerians have begun hoarding both the old and new naira notes in anticipation of the December 31st deadline.