November 22, (THEWILL) – 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.
A seven-member panel of Justices of the apex court had on March 3, fixed the validity of the old banknotes for December 31.
But in a fresh application filed before the Supreme court, Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), 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.
He expressed concern that the hoarding of both old and new naira notes, driven by the impending deadline, has the potential to destabilise the economy.
To prevent this, the Government prayed “An order of this Honourable Court reviewing or varying its consequential order contained in the judgement in Suit No. SC/CV/162/2023 was delivered on the 3rd day of March 2023 to the effect that the old 200, 500, and 1,000 naira notes should be legal tender until December 31, 2023.
“An order of this Honourable Court varying its consequential order contained the March 3 judgement to the effect that the old 200, 500, and 1,000 Naira notes should be legal tender until December 31, 2023.
“An order of this Honourable Court reviewing and/or varying the said consequential order to read thus:
“An order that the old versions of 200, 500, and 1,000 notes/currency shall continue to be legal tenders alongside the new or redesigned versions until the government decides to bring the circulation of the old versions to an end… after its consultation with critical stakeholders and after putting all required structures in place.
“And for such order or further orders as this Honourable Court may deem fit to make in the circumstances.”
In an affidavit in support of the Motion on Notice, Assistant Chief State Counsel, Terhemba Agbe, said the CBN Governor, Dr Olayemi Cardoso, has confirmed that some Nigerians have started hoarding the affected old and new notes in anticipation of the December 31 deadline.
The apex court has fixed November 30 for a hearing on the matter.
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