The Supreme Court ordered the continued coexistence of both old and new Naira notes—specifically the N200, N500, and N1000 denominations—until further notice. The apex court's seven-man panel, led by Justice Inyang Okoro, issued the ruling in response to a Federal Government application seeking an extension of the time frame for the circulation of old currency.
The Federal Government, represented by the Attorney-General of the Federation Lateef Fagbemi, emphasized the necessity of allowing the simultaneous usage of old and new notes until an established process for replacement or redesign is formulated through consultations with relevant stakeholders. The government argued that it had not been able to print a sufficient volume of new notes to facilitate the phase-out of the old currency before the December 31 deadline set by the court in a previous order.
The fresh application stressed that denying the extension could trigger another national, economic, and financial crisis, citing the challenges faced during the naira redesign policy implementation earlier in the year. The government expressed concerns about the potential hoarding of both old and new notes by citizens ahead of the looming deadline.
The unanimous decision of the seven-man panel, approving Fagbemi's application, signifies a pivotal development in the ongoing discourse surrounding Nigeria's currency transition. The Supreme Court's ruling underscores the delicate balance between economic policy implementation and the need for a seamless transition to safeguard against potential crises.
In a related development, the Central Bank of Nigeria (CBN) had previously declared in mid-November that the old N200, N500, and N1000 notes would remain legal tender indefinitely. This decision aligns with the broader efforts to ensure stability during the currency transition period.
