Just in: Old, new naira notes to co-exist, Supreme Court rules

The Supreme Court, on Wednesday, ruled that old and new Naira notes will co-exist as legal tender until further notice.

Recall that in March 2023, the apex court had extended the deadline to phase out old Naira notes to December 31, 2023.

Also, on November 21, the federal government had filed an application before the Supreme Court seeking an extension for old Naira notes to remain in circulation.

Mid-November, the Central Bank of Nigeria (CBN) had said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.

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The Federal Government subsequently urged the Supreme Court to grant an extension of time for old naira notes to remain in circulation as a legal tender.

In an application by the Attorney-General of the Federation, Lateef Fagbemi, the Federal Government asked the apex court to lift its March 3 order that the old naira notes should remain alongside the new notes till December 31, 2023.

The Federal Government 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.

It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.