The Supreme Court has declared that both old and new Naira notes will continue to co-exist as legal tender until further notice. This decision comes after the apex court, in March 2023, extended the deadline for phasing out old Naira notes to December 31, 2023.
The federal government, on November 21, had filed an application before the Supreme Court seeking an extension for the continued circulation of old Naira notes. The Central Bank of Nigeria (CBN) had also asserted that both old and new Naira currencies would remain legal tender indefinitely.
This latest ruling solidifies the legal status of both sets of currency and ensures that there will be no immediate discontinuation of the old Naira notes. The Supreme Court’s decision acknowledges the complexities involved in the currency transition process and provides a temporary reprieve for individuals and businesses accustomed to using the old Naira notes.
