Saturday, February 24, 2024

Supreme Court Rules Old & New Naira Notes To Co-Exist As Legal Tender

The Nigeria Supreme Court ruled on Wednesday that the Old Naira notes will remain legal tender of the country till further notice.

The Attorney-General of the Federation, Lateef Fagbemi, had asked the apex court to lift its December 31, 2023 deadline. 

The Court’s seven-man panel, led by Justice Inyang Okoro, issued the ruling in response to a Federal Government application seeking an extension of the time frame for the circulation of old currency.

Read Also : Man beats Brother to Coma over new Naira notes in FCT

The government argued that it had not been able to print a sufficient volume of new notes to facilitate the phase-out of the old currency before the December 31 deadline set by the court in a previous order.

In March 2023, the apex court extended the deadline to phase out old Naira notes to December 31, 2023.

On November 21, the federal government also filed for an extension for the usage of the old naira notes, with the current CBN administration announcing that they were working to get the original order overturned.

In its ruling in Abuja, the federal capital territory, today, the highest court ruled that the 200 naira, 500 naira & 1000 naira notes will remain legal tender and be accepted for transaction until further notice.

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