Supreme Court Extends Lifespan of Old Naira Notes: CBN’s Directive and Government’s Reaction
In a landmark ruling on Wednesday, the Supreme Court of Nigeria granted an extension to the usage of old N200, N500, and N1,000 notes, directing the Central Bank of Nigeria (CBN) to continue their issuance and acceptance until further notice.
This decision arrives following a plea by the Federal Government through the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), to review the apex court’s previous verdict imposing a December 31 deadline for the withdrawal of these older notes.
The apex court, through a seven-man panel led by Justice Inyang Okoro, unanimously ruled that the old currency remains legal tender alongside the redesigned versions until the government, in consultation with stakeholders, decides on their withdrawal and puts necessary structures in place.
Read Also :Â New, Old Naira Notes to Co-exist Till Further Notice: Supreme Court
This ruling marks the second time the Supreme Court has extended the lifespan of the old Naira notes, citing issues with the timing and implementation of the currency redesign policy initiated by the former administration of President Muhammadu Buhari.
Reacting to this development, the CBN, under the leadership of Governor Yemi Cardoso, has directed banks to continue the issuance and acceptance of both old and redesigned notes, emphasizing the importance of handling all Naira banknotes with care to preserve their lifecycle.
Encouraging the adoption of alternative payment modes such as electronic channels, the CBN aims to alleviate pressure on the use of physical cash.
Also Read :Â 10 Top News in Nigeria from Major Nigerian Newspapers, Nov 30, 2023
This legal saga stems from the apex bank’s initial attempt, under former Governor Godwin Emefiele, to withdraw the older Naira notes from circulation earlier this year.
However, the Supreme Court intervened, labeling the move as hasty and maintaining the old notes’ legality until December 31. The latest ruling extends this timeline indefinitely until further government consultation and appropriate measures are in place.
As the debate on the future of these currency denominations continues, Nigerians are advised to continue using both old and redesigned Naira notes in their day-to-day transactions, complying with the Supreme Court’s directive while awaiting further decisions from the authorities.
