The Supreme Court decision to extend the lifespan of the redesigned N200, N500, and N1000 notes was made in response to the Federal Government‘s request. This ruling ensures that the old notes will continue to be accepted as legal tender until appropriate arrangements are made for their replacement.
A seven-member panel of the Supreme Court, by Justice John Okoro, issued a ruling on Wednesday morning.
The motion sought clarification on the legal status of the old notes during the transition period. The Supreme Court’s decision ensures a smooth and gradual transition from the old notes to the new/redesigned ones, allowing individuals and businesses to continue using them until appropriate arrangements are made for their replacement.
The Supreme Court decision reversed its previous order, which stated that the old 200, 500, and 1000 naira notes would no longer be legal tender by the last day of December 2023. Instead, the old versions of the notes would remain legal tender alongside newly designed ones until the government decides to stop circulating them after consulting with important stakeholders and putting the necessary structure in place.
The panel consists of Justice Uwani Aba-Aji, Justice Tijani Abubakar, Adamu Jauro, Helen Ogunwumiju, Emmanuel Agim and Ibrahim Saulawa, headed by Justice John Okoro.
