The Federal Government has submitted a fresh application to the Supreme Court, requesting an extension of the validity of old naira notes beyond the current deadline of December 31, 2023.
This move is aimed at addressing the economic challenges gripping the nation.
The government, grappling with the economic crisis and hindered by the inability to print sufficient new notes, cited the Supreme Court’s previous order on March 3, 2023, which extended the validity of old naira notes until the end of the year. This extension was contingent on the assumption that an ample supply of new notes would be in circulation by the specified deadline. However, the economic downturn has impeded the production of the required volume of new currency.
Expressing concern over potential economic destabilization caused by hoarding driven by the impending deadline, the government proposes that both old and new naira notes continue as legal tender until measures are in place to phase them out.
Acknowledging ongoing discussions with the 10 plaintiff states—Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto—the government emphasized the need for further consultation with critical stakeholders.
This development follows the Supreme Court’s prior ruling (SC/CV/162/2023) on March 3, which overturned the Buhari Administration’s decision to cease the circulation of old N200, N500, and N1,000 notes by February 10, 2023.
The 10 plaintiff states, acting in the interest of the public, sought the extension that granted the continued use of old notes until December 31.
The Supreme Court has scheduled a hearing on the government’s fresh application for November 30, 2023.
