The Supreme Court has ruled that both old and new Naira notes remain legal tender until further notice.
The apex court held that the old and new naira notes will co-exist until the Federal Government put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The seven-man panel led by Justice Inyang Okoro gave the ruling on Wednesday 29 November 2023, following an application by the Federal Government seeking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender
CRUX NEWS reports that the court had in March 2023, extended the deadline to phase out old Naira notes to December 31, 2023.
On November 21, the federal government also filed an application before the Supreme Court seeking an extension for old Naira notes to remain in circulation.
