Nigeria’s Old Naira Notes Remain Legal Tender Indefinitely
The Supreme Court has today ruled that both the old and the new naira notes of N200, N500 and N1,000 will remain valid legal tenders until further notice.
This was announced in a ruling by a seven-man panel led by Justice Inyang Okoro where the apex court ordered the old and the redesigned naira notes to be in circulation beyond December 31, 2023.
The Court gave the order following the hearing of the application by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN on behalf of the Federal Government.
The presidency had on November 21 filed an application before the Supreme Court seeking an extension for the old naira notes to remain as legal tender.
The apex court had earlier nullified on March 3 the restriction on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration and extended the deadline to December 31.
The court faulted the CBN for embarking on such development 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.
Dolupo Balogun
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