The Federal Government’s appeal to extend the life of the N200, N500, and N1000 notes—which were redesigned during President Muhammadu Buhari’s most recent administration—has been granted by the Supreme Court.
A panel of seven judges on the top court, chaired by Justice John Okoro, ruled on Wednesday morning that the old notes will remain legal money until the infrastructure needed to replace them is in place.
As to the ruling of the Supreme Court, the outdated notes are allowed to coexist as legal tender alongside the updated ones.
The Federal Government’s motion was heard on Wednesday and was made by Lateef Fagbemi (SAN), the Attorney General of the Federation (AGF) and Minister of Justice. Acting Director of Civil Appeals for the Federal Ministry of Justice Tijani Gazali (SAN) also accompanied Fagbemi in his motion.
The old versions of the 200, 500, and 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 consulting with key stakeholders and after putting all necessary structures in place, the court ruled in its ruling, reviewing its earlier order that the old notes should cease to be legal tender by the last day of December 2023.
Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim are the other panellists.