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BREAKING: Supreme Court orders coexistence of old, new naira notes

FG sought an extension of the March 3 order, which permitted the concurrent circulation of old and new notes until December 31.

The new naira notes [Dailypost]

This ruling comes in response to an application by the Federal Government, seeking an extension for the coexistence of the old and new notes.

The apex court stated that both the old and new notes would retain their status as legal tender until the Federal Government, in collaboration with relevant stakeholders, establishes a comprehensive process for their replacement or redesign.

The Central Bank of Nigeria (CBN) had previously announced in mid-November that the old Naira notes, namely the ₦200, ₦500, and ₦1,000 denominations, would remain legal tender indefinitely.

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This decision was met with approval from various quarters, as it provided continuity and stability in the country's monetary system.

Responding to the CBN's announcement, the Federal Government approached the Supreme Court through the Attorney-General of the Federation, Lateef Fagbemi.

The government sought an extension of the March 3 order, which permitted the concurrent circulation of old and new notes until December 31, 2023.

In its application, the Federal Government highlighted the potential risks of a sudden withdrawal of the old notes from circulation.

It argued that such a move could lead to a national, economic, and financial crisis, similar to the challenges experienced earlier in the year during the implementation of the naira redesign policy under the former Central Bank Governor, Godwin Emefiele.

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The Federal Government urged the Supreme Court to consider the possible consequences of discontinuing the old notes, stating that the economy could once again face instability.

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