Supreme Court Extends Life Span of Old Naira Notes
The Supreme Court has granted the request by the Federal Government for the extension of the lifespan of the N1000, N500 and N200 notes that were redesigned during the reign of President Muhammadu Buhari.
The Federal Government had, last week, 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.
Ruling on the application on Wednesday, a seven-member panel of Justices of the apex court, led by Justice John Okoro, ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.
The old notes, according to the order of the apex court, shall co-exist as legal tender with the new/redesigned ones.
The court, in the ruling, 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, in its place, issued an order “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*.
…Details latter
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