Jubilation as Supreme Court finally extends lifespan of old naira notes

Jubilation as Supreme Court finally extends lifespan of old naira notes

  • The Supreme Court has delivered judgment on the application of the federal government to extend its March deadline for the legality of the old naira notes
  • In its judgment on Wednesday morning, the apex court ruled that the old N200, N500 and N1000 notes would remain legal tender until further notice
  • According to the court, the legality of the old legal tender until the federal government put in place the right mechanism for a replacement

The Supreme Court has approved the extension of the lifespan of the old N200, N500 and N1000 notes at the request of the federal government.

Recall that the administration of the immediate past President Muhammadu Buhari redesigned the N200, N500 and N1000 notes, The Nation reported.

Supreme Court/Old Naira Notes/CBN/Muhammadu Buhari/Godwin Emefiele
Supreme Court extends validity of old naira notes Photo Credit: Supreme Court of Nigeria
Source: Twitter

Supreme Court rules on when old naira notes will stop being legal

Read also

CBN gives directive to banks after Supreme Court ruling on old N200, N500, N1000 notes

The panel of justices of the apex court on Wednesday morning, November 29, ruled that the old naira notes remained legal tender and would only expire when necessary facilities are in place for their replacement.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

In March 2023, the Supreme Court first extended the deadline for the phase-out of the old N200, N500 and N1000 notes to December 31.

FG asks Supreme Court to extend validity of old naira notes

On Thursday, November 21, the attorney general of the federation and minister of justice, Lateef Fagbemi, filed an application before the apex court, praying the Supreme Court to extend the lifespan of the old naira notes in circulation.

In the application, the federal government asked the court to suspend the March order that the old naira notes would remain legal tender till December 31.

Read also

Breaking: Tinubu arrives National Assembly to present 2024 budget

Also in mid November, the Central Bank of Nigeria (CBN), maintained that the old N200, N500, and N1,000 notes would remain legal tender in circulation.

Ahead of the 2023 presidential election, President Buhari approved the move by the CBN under the leadership of the embattled Godwin Emefiele to redesigned the naira and soon stop the legality of the old ones before the intervention of the Supreme Court after the election.

Naira redesign: CBN’s compliance victory for all Nigerians, Governor Matawalle

Legit.ng earlier reported that former governor Bello Matawale of Zamfara state has again commended the supreme court ruling that led to the suspension of the continued implementation of the FG naira redesign policy.

The governor said those who are accusing them of fighting against the implementation of the policy should have clarity of the objectives by now.

According to Matawale, they continued to fight against it even after the APC won the presidential election, and the compliance by the CBN is a victory for the common man.

Source: Legit.ng

Online view pixel