Jubilation as Supreme Court finally extends lifespan of old naira notes

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 rules on when old naira notes will stop being legal

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.

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

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.