OLD, NEW NAIRA NOTES TO CO-EXIST TILL FURTHER NOTICE, SAYS SUPREME COURT
Written by Oyebamiji Idowu on November 29, 2023
In a landmark ruling, the Supreme Court of Nigeria has declared that both the old and new naira notes will continue to be legal tender until further notice. This decision effectively reverses the Central Bank of Nigeria’s (CBN) directive to phase out old naira notes by December 31, 2023.
The court’s decision was based on an application filed by the federal government, seeking an extension of the deadline for the use of old naira notes. In its ruling, the seven-member panel, led by Justice Inyang Okoro, emphasized the need for a more consultative approach to the currency transition process.
The court’s order states that both the old and new banknotes should remain in circulation until the federal government, after due consultation with relevant stakeholders, makes a definitive decision on the matter. This decision provides much-needed relief to Nigerians who have faced significant challenges in accessing the new naira notes.
The Supreme Court’s intervention highlights the importance of upholding the rule of law and ensuring that any changes to the currency system are implemented in a fair and transparent manner. The court’s decision is a testament to its commitment to safeguarding the rights of Nigerian citizens.