FG begs Supreme Court to extend use of old naira notes indefinitely 

The Federal Government has urged the Supreme Court to extend the period that the old naira notes remain in circulation.

It also asked that the apex court lift its March 3 order that old naira notes should remain legal tender along with new notes till December 31.

The government said this, barely 40 days to the end of the year that was initially ruled the old naira notes of N1000, N500, and N200 will cease to be legal tender.

The pleas were made known in the fresh application by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).

It added that an extension of time is necessary because, due to the economic crisis, it has not been able to print the volume of new notes that would enable it to phase out old currency before December 31.

The Federal Government further explained that the country stands the risk of plunging into another national, economic and financial catastrophe if the Supreme Court declines its request to extend the period of circulation of old notes.

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.

The respondents in the case are the Attorney-General of the Federation, Edo and Bayelsa states.

Following hardship 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 till December 31.

Apart from its inability to print new notes, the subsisting order of the Supreme Court was said to be a hindrance to the extension of the use of the old notes of N200, N500 and N1,000.

The government was said to have realised that unless there is a fresh order from the Supreme Court, the old notes can no longer be in circulation after December 31.