Old and new naira notes will coexist as legal money until further notice, according to a ruling by the highest court. The timeframe for phase-out of old naira notes was extended by the Supreme Court in March 2023 to December 31, 2023.
The federal administration requested a deadline extension in an application that was submitted to the Supreme Court on November 21.
Attorney General of the Federation (AGF) Lateef Fagbemi stated in the latest application that the current economic situation has prevented the AGF from printing the quantity of new notes necessary to phase out existing currency notes by December 31.
According to the AGF, “since the said consequential order was made, the federal government, in compliance with this honourable court’s order, directed the CBN to engage and has been engaging the respondents in their individual capacities and in their capacities as members of the National Council of State and National Economic Council with respect to the Naira redesign policy”.
“In between the time the order was made and now, there was a presidential election in the country which has led to a transition from the immediate-past government and the incumbent government which is just settling down,” he said.
At the court session on Wednesday, the federal government team led by the AGF, moved the application. Delivering the judgment, the seven-member panel led by Inyang Okoro, said both old and new N200, N500 and N1000 notes should continue to be used as legal tender, until the federal government puts a process in place after due consultation with relevant stakeholders.
