The Supreme Court has ruled that until further notice, both old and new naira notes will be legal tender.
The Supreme Court extended the deadline to phase out old naira notes to December 31, 2023 in March 2023.
The federal government filed an application with the Supreme Court on November 21 seeking an extension of the deadline.
Lateef Fagbemi, the attorney-general of the Federation (AGF), stated in the new application that due to the current economic crisis, it has not been able to print the volume of new notes required to phase out old currency notes by December 31.
According to the AGF, “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,” he said.