In a landmark decision, the Supreme Court of Nigeria has ruled in favor of the Federal Government’s request for the extension of the validity of the N200, N500, and N1000 notes, which underwent a redesign during the previous administration of President Muhammadu Buhari.
The ruling, delivered on Wednesday morning by a seven-member panel led by Justice John Okoro, stipulates that the old notes will remain legal tender until the necessary infrastructure is in place for their replacement.
Contrary to the initial directive that the old notes should cease to be legal tender by the end of December 2023, the Supreme Court has now ordered that the old versions of the N200, N500, and N1000 notes shall coexist as legal tender with their redesigned counterparts.
The decision followed a motion presented by the Federal Government, argued on Wednesday by the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN). The AGF was accompanied by Tijani Gazali (SAN), the Acting Director of Civil Appeals at the Federal Ministry of Justice.
The court’s ruling outlined that the continuation of the old notes as legal tender alongside the redesigned ones will persist until the government, in consultation with critical stakeholders, decides to conclude the circulation of the old versions. This decision is contingent upon the government putting all necessary structures in place.
The panel, which included Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim, emphasized the importance of a thorough consultation process with stakeholders before finalizing the cessation of the old currency versions.