The Federal Government has approached the Supreme Court seeking an extension of the validity of old naira notes beyond the current deadline of December 31, 2023.
In a fresh application filed before the apex court, the government cited the ongoing economic crisis and the need for further consultation with critical stakeholders as reasons for the extension request.
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The government argued that the Supreme Court’s order of March 3, 2023, which extended the validity of old naira notes until December 31, was based on the assumption that sufficient new notes would be printed by the end of the year. However, due to the economic crisis, the government has been unable to print the required volume of new notes.
The government further expressed concern that the hoarding of both old and new naira notes, driven by the impending deadline, has the potential to destabilize the economy. To prevent this, the government believes that the old notes should continue to be legal tender alongside the new notes until the necessary measures are in place to phase them out.
It admitted that it has been engaging the 10 plaintiff states in their capacities as members of the National Council of State and the National Economic Council (NEC).
The 10 aggrieved states are Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto.
Recall that following the hardship faced by Nigerians, the Supreme Court (in SC/CV/162/2023) on March 3 overruled the administration of former President Muhammadu Buhari to the effect that the old N200, N500, and N1,000 notes should be legal tender until December 31.
The Buhari Administration had fixed February 10, 2023, to end the circulation of old Naira notes.
The 10 plaintiffs headed for the Supreme Court in the interest of the public, leading to judgment by the apex court extending the circulation of the old notes until December 31.
The Supreme Court has fixed November 30, 2023, for a hearing on the government’s fresh application.