Supreme Court has given a final ruling on old Naira notes lifespan.
Newsone reports the Supreme Court has granted the request by the Federal Government led by President Bola Ahmed Tinubu for the extension of the lifespan of the N200, N500, and N1000 notes that were redesigned under the immediate past administration of President Muhammadu Buhari.
This online news platform understands that a seven-member panel of the apex court, led by Justice John Okoro, in a ruling on Wednesday, November 29, 2023, ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.
On the old Naira notes lifespan, the Supreme Court ordered, ”shall co-exist as legal tender with the new/redesigned ones”.
Newsone Nigeria reports that the ruling was on a motion by the Federal Government, which was moved on Wednesday by the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), who was accompanied by the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali (SAN).
In the ruling, the apex court reviewed its earlier order that the old notes should cease to be legal tender by the last day of December 2023 and in its place, issued an order “that the old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after its consultation with critical stakeholders and after putting all required structures in place.”
Other members of the panel are Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim.
