Nov 30: S’Court hears FG’s motion to extend life of old notes

The Nation reports that the Federal Government has requested a review of the Supreme Court’s ruling that the old N200, N500, and N1000 should remain legal money until December 31, 2023.

The government is requesting that the Supreme Court revoke its ruling from March 3 on the legal tender status of both new and old Naira notes until December 31.

The Nigerian Central Bank was ordered by the highest court to stop implementing the deadline for using old notes on March 3.

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The seven-member panel of the supreme court criticized the CBN’s policy, citing issues with its timing and execution.
This is a response to a lawsuit filed by the state governments of Zamfara, Kogi, and Kaduna, contesting the policy’s execution.

Later, as co-plaintiffs, thirteen more states entered the lawsuit.

Nevertheless, the newspaper claims that the FG is requesting in a new lawsuit that the supreme court for the revised notes and the original notes to coexist until the necessary institutions are established.

The article states that the petition would be heard by the apex court on November 30.

In the recent application made by Lateef Fagbemi (SAN), the Attorney-General of the Federation, the Federal Government is requesting the following relief: “On March 3, 2023, this Honorable Court delivered an order to the effect that the old 200, 500, and 1,000 naira notes should be legal tender until December 31, 2023, reviewing or varying its consequential order contained in the judgment in Suit No. SC/CV/162/2023.”

“This Honorable Court’s order modifying its subsequent order included the March 3 ruling that the previous 200, 500, and 1,000 Naira notes should be legal money until December 31, 2023.

This Honourable Court hereby reviews and/or modifies the aforementioned consequential order to read as follows: An order that the old 200, 500, and 1,000 note/currency versions will remain legal tender alongside the new or redesigned versions until the government decides to stop the circulation of the old versions… after consulting with important stakeholders and establishing the necessary infrastructure.

“And for any further orders this Honorable Court may think appropriate under the circumstances.”

The CBN Governor, Dr. Olayemi Cardoso, has stated that some Nigerians have begun hoarding the impacted old and new notes in anticipation of the December 31 deadline, according to an affidavit submitted by Assistant Chief State Counsel Terhemba Agbe in support of the Motion on Notice.