Supreme Court Grants Extension for Coexistence of Old and New Naira Notes
In a groundbreaking decision, the Supreme Court of Nigeria has ruled in favor of the Federal Government’s request for an extension of the lifespan of the redesigned N200, N500, and N1000 notes. These notes, introduced during the previous administration of President Muhammadu Buhari, will continue to coexist alongside their newly designed counterparts until further notice.
The seven-member panel, led by Justice John Okoro, issued the ruling on Wednesday morning. The court, responding to a motion presented by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), and Acting Director, Civil Appeals, Tijani Gazali (SAN), mandated that the old notes remain legal tender until the government establishes the necessary infrastructure for their replacement.
The initial order, which dictated the cessation of legal tender status for the old notes by the end of December 2023, has now been revised. The Supreme Court’s latest ruling stipulates that “the old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions.” This coexistence will persist until the government, after consultation with key stakeholders and the implementation of required structures, decides to phase out the circulation of the old versions.
The panel, consisting of Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim, reached this decision after careful consideration of the government’s motion. This ruling marks a significant development in the country’s monetary landscape and provides a transitional period for the integration of the redesigned currency. The Supreme Court’s decision ensures a smooth and well-structured shift from the old to the new naira notes, prioritizing a coordinated approach in consultation with relevant stakeholders.
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