In an attempt to extend the validity of old naira notes, the federal government has submitted an application to the Supreme Court.
The deadline to phase-out the old naira notes was extended by the Supreme Court in March 2023 to December 31, 2023.
In the new application, the Attorney General of the Federation (AGF) claimed that the economic downturn prevented it from printing the quantity of new notes necessary to phase out old currency by December 31.
According to Lateef Fagbemi, AGF, “since the said consequential order was made, the federal government, in compliance with this honourable court’s order, directed the CBN to engage and has been engaging the respondents in their individual capacities and in their capacities as members of the National Council of State and National Economic Council with respect to the Naira redesign policy”.
“In between the time the order was made and now, there was a presidential election in the country which has led to a transition from the immediate-past government and the incumbent government which is just settling down,” he said.
“The incumbent government has, however, directed the Central Bank to come up, by a way of policy direction, with how the naira redesign policy will be addressed in full compliance with the order of this honourable court.
“People have been hoarding the new notes on the speculation that the 31 December deadline for the old notes to seize to be legal tender may not be met.
“To effectively stabilise the economy, the federal government is of the strong view that the old versions of 200, 500 and 1,000 notes should continue to be legal tender alongside the new versions.
“Following the deadline for the validity of the old 200, 500 and 1000 naira notes ordered by this honourable court will make the government of the federation to push the country into another national, economic and financial crisis which this honourable court sought to prevent in the first instance by its judgment in the afore-mentioned suit.
