In a recent development, the Federal Government has filed a fresh application with the Supreme Court, requesting an extension of the validity of old naira notes beyond the current deadline of December 31, 2023. The government cites the ongoing economic crisis and the need for further consultation with critical stakeholders as grounds for the extension request.
The government argues that the Supreme Court’s previous order, issued on March 3, 2023, extending the validity of old naira notes until December 31, was based on the assumption that a sufficient volume of new notes would be printed by year-end. However, due to the economic crisis, the government has faced challenges in printing the required volume of new notes.
Expressing concern about potential economic destabilization caused by the hoarding of both old and new naira notes, the government believes that both should remain legal tender until necessary measures are in place to phase out the old notes.
Acknowledging engagement with the 10 plaintiff states, including Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto, the government seeks the Supreme Court’s approval to prevent economic disruptions.
The Supreme Court had earlier ruled on March 3, 2023, overruling the administration of former President Muhammadu Buhari and extending the circulation of old N200, N500, and N1,000 notes until December 31. The hearing for the government’s fresh application is scheduled for November 30, 2023.
