The Federal Government has approached the Supreme Court, seeking a review of its ruling allowing old N200, N500, and N1000 notes as legal tender until December 31, 2023, according to The Nation.
The government aims to lift the March 3 order that had mandated old naira notes to remain legal tender alongside new notes until the end of the year.
The Supreme Court had initially restrained the Central Bank of Nigeria (CBN) from enforcing the deadline, criticizing the timing and implementation.
This development stems from a suit filed by Kaduna, Kogi, and Zamfara state governments challenging the policy, later joined by thirteen other states as co-plaintiffs.
In a new application, the Federal Government is requesting the apex court to permit both redesigned and old notes to coexist until necessary structures are established.
The court has scheduled a hearing on the matter for November 30.
In the fresh application led by the Attorney-General of the Federation, Lateef Fagbemi (SAN), the Federal Government seeks various reliefs, including a review of the consequential order to allow coexistence of old and redesigned notes.
The government proposes to maintain the legal tender status of the old versions until consultations with stakeholders and the establishment of required structures.
In an affidavit supporting the Motion on Notice, Assistant Chief State Counsel, Terhemba Agbe, highlights CBN Governor Dr. Olayemi Cardoso’s confirmation that some Nigerians are hoarding old and new notes in anticipation of the December 31 deadline.
