Old and New Naira notes to remain legal tender till further notice – supreme court

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Esther A

Active Member
Jul 28, 2022
Old and New Naira notes to remain legal tender till further notice – supreme court


In a recent development, the supreme court of Nigeria has ruled that both the old and new naira notes will remain legal tender until further notice is given. They gave the ruling today, the 29th of November 2023. They have ruled that both the new naira notes which consist of the N200, N500 and N1000 note, and the old ones will continue to co-exist until further notice is given.

Earlier this year, in March the supreme court had given a deadline for the use of the old naira note. Recall the originally plan was that the old naira notes would stop existing by the 31st of December, now that plan has changed, and the old naira notes are still legal tender even after the 31st of December 2023. It was on the 21st of November the federal government filed an application before the supreme court to extend the deadline that was set for the 31st of December. In the application, the AGF (Attorney-general of the federation), Lateef Fagbemi who revealed that the plans to phase out the old naira note by the end of 2023 may not be feasible because they haven’t been able to print out the number of new notes needed to phase the old one out. He stated that this was due to the economic situation of Nigeria.

The application for the extension was moved during the court session which was held on Wednesday. The judgment was then delivered by the panel which consisted of 7 members, led by Inyang Okoro. They ruled that the old N200, N500 and N1000 will continue to be used legally until the government has been able to sort things out regarding this issue. Recall earlier this year during the presidential election period, the former CBN governor, Godwin Emefiele had abruptly put a stop to the use of the old naira notes while the new naira notes weren't properly in circulation yet. this period had been extremely hard for so many Nigerians. its good to see them taking things slowly now to ensure that the process goes smoothly.