Supreme Court Fixes November 30 To Hear FG’S Application To Extend Old Notes Lifespan

Supreme Court Fixes November 30 To Hear FG’S Application To Extend Old Notes Lifespan
Supreme Court Fixes November 30 To Hear FG’S Application To Extend Old Notes Lifespan

 

 

 

 

The Federal Government has approached the Supreme Court to review its judgment that the old N200, N500, and N1000 should be legal tender until December 31, 2023.

According to reports, the government wants the apex court to lift its March 3 order that old naira notes should remain legal tender along with new notes till December 31. Recall that the apex court had on March 3 restrained the Central Bank of Nigeria -CBN from giving effect to the deadline on the use of old notes.

The seven-member panel of the apex court faulted the policy of the CBN, saying the timing and implementation were defective. This is sequel to a suit instituted by the Kaduna, Kogi, and Zamfara state governments challenging the implementation of the policy. Thirteen other states later joined the suit as co-plaintiffs.

However, reports say that in a new suit, 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, which according to the report, the apex court has fixed November 30 for a hearing on the matter.

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