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FG Petition Supreme Court To Reconsider Old Naira Notes’ Status

The Federal Government has petitioned the Supreme Court to reconsider its ruling allowing the old N200, N500, and N1000 notes to be legal tender until December 31, 2023, as reported by Nation.

The government aims to overturn the March 3 order that permitted the coexistence of old and new currency notes until the end of the year.

This request comes after the apex court restrained the Central Bank of Nigeria from enforcing the deadline on the use of old notes due to flaws in the timing and execution of the policy.

The petition follows a lawsuit filed by several state governments challenging the implementation of the policy, with additional states later joining as co-plaintiffs.

However, according to the newspaper, in the fresh application by the Attorney-General of the Federation, Lateef Fagbemi (SAN), the Federal Government is asking the apex court to allow the redesigned notes and the old notes to continue to coexist until the required structures are put in place.

According to the report, the apex court has fixed November 30 for a hearing on the matter.



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