Supreme Court says old naira notes remain legal tender

Although the Supreme Court adjourned the hearing of the suit filed by state governors on the redesign of the naira notes by the Central Bank of Nigeria (CBN), its earlier judgement on the matter subsists.

Nigerians have been wondering whether the redesigned N200, N500, and N1000 notes would remain legal tender after the court hearing on Wednesday, February 15, 2023.

During the proceeding on Wednesday, counsel to Kaduna, Kogi, and Zamfara, Abdulhakeem Mustapha asked the court to stop the CBN and the Federal Government not to impose a deadline on the old naira notes. 

Recall that the CBN had earlier fixed February 10, 2023, as the deadline for the expiration of the old notes, but the Supreme Court asked the bank to suspend the deadline. 

Reacting to this, a seven-member panel of the apex court led by John Okoro said there was no need to issue a fresh order because “the interim order is pending the hearing on the motion on notice”.

It would be recalled that ahead of the February 10 deadline, the Supreme Court had issued an interim injunction “restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on 10 February, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Following the judgement, Abubakar Malami, the Attorney-General of the Federation (AGF), filed a preliminary objection challenging the court’s jurisdiction to entertain the matter.

In an interview on Channels TV, he said that the FG would obey the apex court pronouncement on the controversial cash swap policy.