FG Asks the Supreme Court to Extend the Validity of the Old Naira Notes beyond December 31

The federal government has approached the Supreme Court to seek an extension of the validity of the old N200, N500, and N1,000 naira notes beyond December 31, 2023.

Attorney General of the Federation, Chief Lateef Fagbemi, has filed a motion at the apex court supported by affidavits.

The apex court has fixed November 30 for hearing the motion. Fagbemi, in the motion, said the extension of the deadline would help stabilize the economy.

The Supreme Court on March 3 ordered that the old N200, N500, and N1,000 would continue to be legal tender until December 31, in a judgment on the suit filed by several state governments against the declaration by the central bank of Nigeria that they are no longer legal tender.

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The Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic, and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank Governor, Godwin Emefiele.

It asked the court to allow the old notes to be in use with the new notes until after it consults with stakeholders, pointing out that the economy may be in jeopardy once again because some Nigerians have started hoarding the old and new naira notes ahead of the December 31st timeline.

The government said it has been engaging the 10 plaintiff states in their capacities as members of the National Council of State and the National Economic Council.

The 10 plaintiffs headed for the Supreme Court in the interest of the public, leading to judgment by the apex court extending the circulation of the old notes till December 31.

The government was said to have realized that unless there is a fresh order from the Supreme Court, the old notes can no longer be in circulation after December 31.