The Supreme Curt has decided that old and new naira notes will co-exist as legal tender until further notice.
In a judgment on Wednesday, the seven-member panel led by Inyang Okoro, said both old and new N200, N500 and N1000 notes should continue to be used as legal tender, until the federal government puts a process in place after due consultation with relevant stakeholders.
Recall that the apex court had in March 2023, extended the deadline to phase out old naira notes to December 31, 2023.
On November 21, the federal government had filed an application before the supreme court, seeking an extension of the deadline.
In the fresh application, Lateef Fagbemi, the attorney-general of the federation (AGF), said due to the prevailing economic crisis, it has not been able to print the volume of new notes that would enable it phase out old currency notes before December 31.
At the court session on Wednesday, the federal government team led by the AGF, moved the application.
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