Supreme Court Grants Extension for Redesigned Naira Banknotes

The Supreme Court of Nigeria has approved the Federal Government’s request to extend the lifespan of the N200, N500, and N1000 notes, which underwent redesign during the previous administration of President Muhammadu Buhari.

In a ruling on Wednesday, a seven-member panel led by Justice John Okoro declared that the old notes would remain legal tender until the necessary facilities are in place for their replacement.

The apex court ordered that the old notes “shall co-exist as legal tender with the new/redesigned ones.”

This decision, prompted by a motion from the Federal Government, was presented by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), accompanied by the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali (SAN).

The ruling represents a modification of the court’s earlier order, which had stipulated that the old notes cease to be legal tender by the end of December 2023.

The revised order now allows the old versions of the N200, N500, and N1000 notes to continue as legal tender alongside their redesigned counterparts.

The coexistence will persist until the government, in consultation with key stakeholders, decides to conclude the circulation of the old versions, ensuring all necessary structures are in place.

The Supreme Court panel, including Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim, played a crucial role in revisiting and updating the earlier directive.

This decision provides relief for the public and businesses that may have faced challenges transitioning to the redesigned banknotes. It allows for a more gradual and practical implementation, considering the logistical aspects of currency replacement.

Source: Daily Post