The supreme court has ruled that old and new naira notes will co-exist as legal tender until further notice.
Naija News recalls that the apex court in March 2023 extended the deadline to phase out old naira notes to December 31, 2023.
The federal government on the 21st of November, 2023, filed an application before the supreme court seeking an extension for old naira notes to remain in circulation.
The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.
It made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.
In its lead judgement that was prepared and delivered by Justice Emmanuel Agim, the apex court slammed the FG for unilaterally introducing the demonitization policy through the Central Bank of Nigeria, CBN, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.
It held that the FG failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.
The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by former governor of the CBN, Godwin Emefiele.
It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.