Sun, Mar

Naira Redesign: Supreme Court Maintains Stance On Old Naira Note, Adjourns Case Till March

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The Supreme Court on Wednesday 22nd of February insisted that the old Naira notes remain the country's legal tender pending when the final judgement will be delivered by March 3, 2023. It can be recalled that on February 8, the apex court ordered the suspension of the deadline issued by the Central Bank of Nigeria (CBN) on the circulation of the old naira notes, after some governors were against the CBN's policy.

 This ruling was further affirmed on the 15th of February, when seven other states joined the three initial states as co-plaintiffs, while Edo and Bayelsa states joined the Federal Government as co-defendants.

In response to the suit, President Buhari on 16 February, announced that only the old N200 note would remain valid until April 10, while the old N500 and N1000 ceased to be legal tender.

At today’s hearing, the Supreme Court extended the earlier injunction to March 3 when it will deliver judgement in the case filed by 10 governors against CBN’s Naira redesign policy.