Toba Owojaiye reporting
Abuja, Nigeria
In a recent development, the Supreme Court has ruled to indefinitely prolong the acceptance of both old and new Naira notes as legal tender.
Specifically, the court has directed the continued usage of the older N200, N500, and N1000 notes until further instructions are issued.
This decision is contingent upon the condition that both versions will remain in circulation until the Federal Government embarks on a comprehensive process for their replacement or redesign.
The court has stressed the significance of engaging in this course of action through extensive consultations with key stakeholders.
It’s worth noting that the introduction of the new denomination, which coincided closely with the 2023 elections, initially had a near expiration date set for the old notes.
However, the recent Supreme Court ruling has altered this trajectory, allowing for an extended coexistence of both forms of currency.
Critically, concerns have been raised by the public, with netizens expressing dissatisfaction over the perceived accelerated aging of the old notes compared to the new ones.
This development adds an additional layer of complexity to the ongoing discourse surrounding the nation’s currency dynamics.