The Federal Government has taken its case to the Supreme Court, seeking a review of the judgment allowing the old N200, N500, and N1000 banknotes to be legal tender until December 31, 2023, as reported by The Nation.
The government aims to have the apex court overturn its March 3 order, which permitted the coexistence of old and new naira notes until the specified deadline. The Supreme Court had earlier restrained the Central Bank of Nigeria from enforcing the deadline, citing flaws in the timing and implementation of the policy.
This legal development stems from a suit initiated by the Kaduna, Kogi, and Zamfara state governments challenging the policy’s implementation, with thirteen other states later joining as co-plaintiffs.
In the latest suit, the Federal Government is urging the Supreme Court to allow both the redesigned and old notes to remain legal tender until the necessary structures are in place. The apex court has scheduled a hearing for November 30 on this matter.
The Attorney-General of the Federation, Lateef Fagbemi (SAN), representing the Federal Government, is seeking specific reliefs in the application, including a review or variation of the consequential order in the March 3 judgment.
The reliefs sought include:
- An order reviewing or varying the consequential order to allow the old N200, N500, and N1000 notes to be legal tender until December 31, 2023.
- A variation of the consequential order to specify that the old notes should be legal tender until December 31, 2023.
- An order allowing the old versions of the N200, N500, and N1000 notes to continue as legal tenders alongside the new or redesigned versions until the government decides to cease circulation after consulting with stakeholders and implementing required structures.
In support of the Motion on Notice, an affidavit by Assistant Chief State Counsel, Terhemba Agbe, highlights the confirmation by CBN Governor Dr. Olayemi Cardoso that some Nigerians are hoarding both the old and new notes in anticipation of the December 31 deadline.