It had been reporter on February 8, that the Supreme Court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023.
The Supreme Court has overruled the December deadline for the use of old Naira denominations of N200, N500 and N1,000.
The apex court on Wednesday ordered that both old and news notes should continue to co-exist till further notice.
The court maintained that the old and new notes should remain as legal tender beyond December 31 until the Federal Government put a process in place for their replacement or redesign after due consultation with relevant stakeholders.
It had been reported on February 8, that the Supreme Court temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023.
A seven-member panel of the apex court led by John Okoro, had in its ruling in an ex parte application brought by three states: Kaduna, Kogi, and Zamfara, restrained the Central Bank of Nigeria from giving effect to the deadline on the use of old notes.
In a motion ex-parte filed before the Supreme Court, the three states had sought an order of the court to grant an interim injunction stopping the Central Bank of Nigeria (CBN) from ending the timeframe within which the old N200, N500, and N1000 notes will cease to be legal tender.
The plaintiffs said since the announcement of the policy, there has been an acute shortage in the supply of the new naira notes in their states.
However, the CBN, on November 14, extended the validity of the old N200, N500 and N1,000 notes indefinitely.
It had been reported that the CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.
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