Financial Inclusion
FG files fresh application, seeks Supreme Court’s extension of redesigned old Naira notes validity to 2024
The Federal Government on Wednesday filed a fresh application, seeking the Supreme Court to grant an extension of validity time for the redesigned old naira notes to remain legal tender till 2024.
The naira notes redesigned by the Central Bank of Nigeria (CBN) include N200, N500, and N1,000 banknotes, which were to become on December 31, 2023.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, in the application, indicated that the Federal Government is seeking the following reliefs from the Supreme Court of Nigeria:
An order of the court reviewing its consequential order contained in the judgment of 3rd March, 2023 to the effect that the old 200, 500 and 1,000 naira notes should be legal tender until the 31st of December, 2023.
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The Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank Governor, Godwin Emefiele.
The federal government asked the court to allow the old notes to be in use with the new notes until after consultation with stakeholders.
The Central bank of Nigeria (CBN) had earlier postponed the phase out of the redesigned old naira notes indefinitely.
However, the federal government is insisting on the pronouncement of the Supreme Court, given that there is a standing order of the court.
The FG emphasized that it has been engaging the 10 plaintiff states in their capacities as members of the National Council of State and the National Economic Council.
The 10 plaintiffs approached the Supreme Court in the interest of the public, leading to judgment extending the circulation of the old notes till December 31.
Meanwhile, the Supreme Court has fixed November 30 for a hearing.
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