The Federal Government has approached the Supreme Court, urging an extension of the lifespan for old naira notes to remain in circulation.
The government seeks to lift the apex court’s previous order, issued on March 3, which allowed old naira notes to be legal tender alongside new notes until December 31.
The government cites economic challenges, hindering its ability to print a sufficient volume of new notes, as the primary reason for the request.
It emphasizes that failing to extend the period could lead to a national economic and financial crisis, similar to the challenges witnessed in the first quarter of the year during the implementation of the naira redesign policy.
In its plea to the court, the Federal Government expresses the need for the old notes to coexist with the new ones until consultations with critical stakeholders are completed, and all necessary structures are in place.
The government raises concerns about potential economic harm, as some Nigerians have reportedly started hoarding both old and new Naira notes in anticipation of the December 31 deadline.
The Attorney-General of the Federation, Lateef Fagbemi, representing the Federal Government, has filed a fresh application with the Supreme Court seeking several reliefs, including a review or variation of the previous order and an extension of the use of old 200, 500, and 1,000 Naira notes until consultations are concluded.
The application reads in part “An order of this Honourable Court reviewing or varying its consequential order contained in the judgment in Suit No. SC/ CV/162/2023 delivered on the 3rd day of March 2023 to the effect that the old 200, 500 and 1,000 naira notes should be legal tender until the 31st of December, 2023.
“An order of this Honourable Court varying its consequential order contained the March 3 judgment to the effect that the old 200, 500 and 1,000 Naira notes should be legal tender until 31st of December, 2023”
The Supreme Court has scheduled a hearing on the matter for November 30, 2023.
