In a recent ruling, the Supreme Court has declared that the old and redesigned Naira banknotes will continue to be accepted as legal tender in Nigeria, extending their validity beyond December 31.
The seven-man panel, led by Justice Inyang Okoro, directed that the banknotes should remain in circulation until the Federal Government, in consultation with relevant stakeholders, makes a decision on the matter. This decision follows an application presented on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.
Previously nullifying the ban on old N200, N500, and N1000 banknotes as legal tenders, the court, in its lead judgment by Justice Emmanuel Agim, criticized the government for implementing the demonetization policy without consulting key stakeholders. The court emphasized that the Federal Government failed to provide sufficient notice to federating units before withdrawing old banknotes.
Additionally, the court invalidated President Buhari’s directive to allow only the old N200 note as legal tender until April 10, accusing him of disobeying a prior interim order. The court asserted that such actions were contrary to democratic governance. Despite the government’s attempt to extend the deadline, the Supreme Court has granted an indefinite continuation of the use of both old and redesigned Naira notes.
