SUPREME COURT EXTENDS THE VALIDITY OF OLD NAIRA NOTES BEYOND 31st OF DECEMBER, 2023.





The Supreme Court of Nigeria today, Wednesday, 29th November, 2023 varied it's order in the Judgment on Old/New Naira decided between the Federal Government and States of Federation by extending the validity of the Old Naira notes to continue to circulate as Legal Tender with the New Naira notes beyond 31st of December, 2023. 


The ruling was delivered on the application brought by Hon Attorney General of Federation and Minister for Justice Lateef Fagbemi SAN. 


Recently unavailability of both old and New Naira Notes in Banks which is attributed with panicky hoarding of the notes have hit many States of Federation ahead of December, 2023 Supreme Court deadline and the intervention of the Supreme Court is necessary to normalize the situation.


The Attorneys General of States who filed the suit before the Supreme Court were represented in Court, except two states who were duly served with hearing notice but did not send Counsel to represent them. 


Sir Charles Titiloye, Hon. Attorney of Ondo who appeared for the 4th Respondent did not oppose the application like other learned Silk representing other states of the Federation.


The Supreme Court as the Apex Court in Nigeria rarely revisits its Judgment. 


However, the Supreme Court in its ruling on the application noted that since all parties to the Suit did not oppose the application, it will vary the judgment consequential orders and allow the old/New Naira notes to continue to be legal tender in Nigeria until the Federal Government decides to withdraw same after the completion of consultation with critical stakeholders and putting in place adequate measures to support the policy.



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