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29.11.2023 Featured BREAKING: Supreme Court Extends Old Naira Notes’ Validity Indefinitely

Published 29th Nov, 2023

By Sodeeq Atanda

The Supreme Court has extended the validity of the old naira notes indefinitely.

The court ordered on Wednesday that the old notes will co-exist with the new ones as legal tender until further notice.

Justice Okoro, who read the lead judgement of a seven-man panel, ruled that N200, N500 and N1,000, would remain in circulation pending when the government would activate necessary mechanisms to cater to the naira redesign policy.

READ ALSO: BREAKING: CBN Extends Deadline for Old Naira Notes Until February 10

Lateef Fagbemi, the new attorney-general and minister of justice, had informed the court that the federal government had not been able to print sufficient quantity of the new notes to be able to withdraw the old ones from circulation.

Earlier in March, the apex court had ordered the recirculation of the affected old currency notes until December 31.

The court ruling came as a result of a lawsuit instituted by the governors of Kaduna, Kogi and Zamfara States challenging the propriety of the Central Bank of Nigeria’s policy.

READ ALSO: BREAKING: Supreme Court Orders Recirculation of Old Notes Till December

The last leadership of the CBN led by Godwin Emefiele had redesigned the said naira notes and withdrew the old ones from circulation.

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Published 29th Nov, 2023

By Sodeeq Atanda

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