Supreme Court permits indefinite co-circulation of old, new Naira notes
The Supreme Court, on Wednesday, ruled that both old and new Naira notes will continue to be recognised as legal tender until further notice.
Recall that in March 2023, the deadline to phase out old Naira notes was extended to December 31, 2023 by the apex court.
Subsequently, the Federal Government sought an extension for old Naira notes to remain in circulation and filed an application before the Supreme Court on November 21.
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The Attorney-General of the Federation, Lateef Fagbemi, representing the Federal Government, requested for the extension, highlighting the potential risk of economic and financial crisis if the old notes were phased out too quickly, drawing parallels to the challenges faced earlier in the year during the implementation of the naira redesign policy.
The government pleaded with the court to permit the co-circulation of old and new notes until further consultations with stakeholders could be undertaken, noting concerns about hoarding of both old and new notes by some Nigerians.
The Federal Government emphasised the necessity for careful consideration and consultation with stakeholders in order to prevent economic instability.