The Supreme Court has granted the request by the Federal Government for the extension of the lifespan of the N200, N500 and N1000 notes that were redesigned under the immediate past administration of President Muhammadu Buhari.
In a ruling on Wednesday morning, a seven-member panel of the apex court, led by Justice John Okoro, ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.
The old notes, the apex court ordered, “shall co-exist as legal tender with the new/redesigned ones”.
The ruling was on a motion by the Fed Govt, which was moved on Wednesday by the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), who was accompanied by the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali (SAN).
The court, in the ruling, reviewed its earlier order that the old notes should cease to be legal tender by the last day of December 2023 and in its place, issued an order “that the old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after its consultation with critical stakeholders and after putting all required structures in place.”
Other members of the panel are Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar and Emmanuel Agim.