The Supreme Court on Wednesday, ordered that the old N200, N500 and N1000 notes should continue to co-exist with the new notes as they continue to remain legal tender.
The Apex court held that the order insists until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stake holders.
The seven-man panel led by Justice Inyang Okoro, gave the ruling following an application by the FG, seeking for the court to grant an extension of time for old naira notes to retain in circulation as a legal tender.
The FG also prayed the court to lift its March 3, order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of old currency before the December 31 order
In the fresh application by the Attorney General of the Federation, AGF, Lateef Fagbemi SAN, the FG further explained that, should the Supreme court decline it’s request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crises as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former CBN governor, Godwin Emefiele.
The Apex court, in a unanimous decision, allowed Fagbemi application in line with the March 3, ruling of the apex court which allowed the old notes continue to be legal tender till December 32, 2023.
Recall that three states, Kaduna, Kogi and Zamfara were the first set of states that headed to the Supreme court, to challenge the naira swap policy announced by the CBN on October 26, 2022.
However, after the Supreme court made its first restraining order in February 8, 2022, thirteen other states joined in the prayer as plaintiffs.
Meanwhile, Edo, and Bayelsa states opted to join the FG as defendants.
At the instance of the court, all the suits were consolidated into one for ease of hearing and determination.
Specifically, the states were not pleased by the way and manner the naira swap policy was announced and implemented.
