BREAKING NEWS: Supreme Court Decision Preserves Legality Of Both Old And New Naira Currency

The Supreme Court has approved the Federal Government’s request to extend the validity of the redesigned N200, N500, and N1000 notes, which were introduced during the previous administration of President Muhammadu Buhari…CONTINUE READING

In a ruling delivered on Wednesday morning, a seven-member panel headed by Justice John Okoro directed that the old notes will remain legal tender until the necessary infrastructure is established for their replacement.

The apex court ordered that the old notes will “co-exist as legal tender with the new/redesigned ones.

The ruling was in response to a motion presented by the Federal Government, argued on Wednesday by the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN).

Fagbemi was accompanied by the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali (SAN).

The court, in its decision, revisited its earlier directive that the old notes should cease to be legal tender by the end of December 2023.

Instead, it issued a new order stating that the old versions of the 200, 500, and 1000 naira notes will continue to be accepted as legal tender alongside the new or redesigned versions.

This coexistence will persist until the government, after consultation with key stakeholders and the implementation of necessary structures, decides to phase out the circulation of the old versions.

The panel comprised Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim.