The Supreme Court has ordered that both the old and the new naira notes of N200, N500 and N1,000 should remain valid legal tenders until further notice. The order was made by a seven-man panel led by Justice Inyang Okoro on Wednesday, after hearing the application of the Federal Government.
The Federal Government, through the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, had sought an extension for the old naira notes to remain as legal tender beyond December 31, 2023. The application was filed on November 21, following the Bola Tinubu-led administration’s decision to redesign the naira notes.
They had earlier nullified the restriction on the use of the old naira notes by the President Muhammadu Buhari-led administration on March 3. The Court held that the old naira notes should be used alongside the redesigned currencies until the end of the year.
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The Court also faulted the Central Bank of Nigeria, CBN, for introducing the demonetisation policy without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders. The Court said the policy was unilateral and unconstitutional.