In a recent ruling, the Supreme Court has mandated the continued circulation of old N200, N500, and N1000 notes alongside new ones until further notice.
The decision follows the Federal Government’s request for an extension, citing challenges in printing sufficient new notes before the December 31 deadline.
The court’s unanimous decision aims to prevent potential economic and financial crises, allowing time for consultation with stakeholders before the replacement or redesign process begins.
The Central Bank of Nigeria had earlier declared the old notes as legal tender indefinitely in mid-November.
This move is seen as a measure to ensure a smooth transition and avoid disruptions in the country’s financial landscape.
The decision also considers concerns about citizens hoarding both old and new notes, emphasizing the need for a gradual and well-managed currency transition.
As the Supreme Court grants this extension, it provides the Federal Government with the necessary time to navigate the logistics and potential challenges associated with introducing new currency notes.
This development signals a pragmatic approach to monetary policy, acknowledging the importance of a carefully planned transition to maintain economic stability.
