The Supreme Court of Nigeria has said that the old naira notes will remain legal tender till further notice.
The apex court also ruled on Wednesday that the old currencies will continue to “co-exist” with the new naira notes as legal tender.
The ruling followed an application entered by the Attorney-General of the federation and Minister of Justice, Lateef Fagbemi SAN.
Advertisement
Recall that the immediate past government of President Muhammadu Buhari had approved a naira redesign policy, directing citizens to return the money to the Central Bank of Nigeria through any of the banks.
In March 2023, the Supreme Court set December 31, 2023, for the old notes to be phased out.
At the time, Tinubu who was the presidential candidate of the All Progressives Congress, had kicked against the policy on suspicion that it was targeted at his presidential bid.
On November 21, 2023, his personal attorney, the AGF, filed an application before the Supreme Court, praying for an extension of the deadline.
Fagbemi argued that “since the said consequential order was made, the federal government, in compliance with this honourable court’s order, directed the CBN to engage and has been engaging the respondents in their individual capacities and in their capacities as members of the National Council of State and National Economic Council with respect to the Naira redesign policy”.
“In between the time the order was made and now, there was a presidential election in the country which has led to a transition from the immediate-past government and the incumbent government which is just settling down,” the AGF had argued.
Delivering its ruling on the application, a seven-member panel led by Inyang Okoro, ordered that both the old and new notes should continue to be used as legal tender for now.