The Supreme Court on Wednesday ruled that both old and new naira notes will remain legal tenders till further notice.
The Supreme Court had in March, ruled that the old notes should remain in circulation until December 31, 2023.
But ruling on an application filed by the Attorney-General of the Federation, Lateef Fagbemi, on Wednesday, the apex court ordered that the old N200, N500, and N1000 notes continue to co-exist with the new notes until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The Central Bank of Nigeria (CBN) had also in mid-november said the old N200, N500, and N1,000 notes would remain legal tender indefinitely.
The Federal Government subsequently urged the Supreme Court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
More details later….
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