Old, New Naira Notes To Co-Exist Till Further Notice - Supreme Court Rules
Category: Nigeria News
The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.
The Supreme Court on Wednesday ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice.
The apex court ruled that both old and new notes should continue to remain legal tender until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.
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