By Charles Igwe
The Supreme Court of Nigeria has declared that both the old and new Naira notes will continue to serve as legal tender until further notice. This ruling comes after the apex court had previously extended the deadline for phasing out the old Naira notes to December 31, 2023, amid a severe currency scarcity in the country.
In March, the Supreme Court granted an extension for the circulation of the old Naira notes, acknowledging the challenges posed by the acute shortage of currency. Subsequently, in November, the federal government filed an application before the Supreme Court to further extend the validity of the old Naira notes.
The Central Bank of Nigeria (CBN) had recently reassured the public that both the old and new Naira bills would remain as legal tender indefinitely. This decision aims to alleviate concerns about the recurrence of a Naira scarcity similar to the challenges faced during the implementation of the Naira redesign policy.
