Supreme Court Extends Old Naira Notes’ Lifespan Indefinitely
BY EDMOND ODOK – The Supreme Court on Wednesday granted the Federal Government’s request to extend indefinitely the lifespan of the N1000, N500 and N200 notes redesigned by the Central Bank of Nigeria (CBN) during the administration of immediate past qPresident Muhammadu Buhari
A seven-member panel of Justices of the Supreme Court led by Justice John Okoro, while ruling on the application, directed that the old notes remain legal tender until necessary facilities are put in place for their replacement.
Last week, the Federal Government had, through the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), moved an application before the apex court seeking an extension of time for old naira notes to remain in circulation as a legal tender.
According to the Apex court, the old notes shall now co-exist as legal tender with the new/redesigned ones until further notice.
By Wednesday’s ruling, the Supreme Court reviewed its earlier order made on March 3, 2023, that the old notes should cease to be legal tender by the last day of December 2023.
The new order stipulates “that the old versions of 1000, 500, 200 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after it consults with critical stakeholders and after putting all required structures in place.”
This latest Supreme Court has effectively given legal backing to the CBN’s directive of November 14, 2023 extending indefinitely the validity and lifespan of the old N200, N500 and N1,000 notes.
The Naira redesigned policy that affected the N200, N500 and N1,000 denominations was introduced by the CBN in October 2022 and has so far witnessed varied deadlines for the old design of these denominations to cease serving as legal tenders in the country.
