S/Court says old Naira notes still legal tender
Economy General Law / Crime

S/Court says old Naira notes still legal tender

The Supreme Court says the old naira notes are still valid as Nigeria’s legal tender until the final adjudication of the case in dispute.

This followed its Feb. 8 order barring the Federal Government and its agencies from enforcing the Feb. 10 deadline for the use of old N200, N500 and N1000 notes.

The apex court made the clarification on Wednesday following a complaint by Abdulhakeem Mustapha, a lawyer to Kaduna, Kogi and Zamfara states.

Mustapha had complained that the government and its agencies had failed to comply with the order and had directed the rejection of the old notes.

“That order has been flouted by the government.

“We are talking of executive lawlessness here and we have filed an affidavit to that effect.

“We want the court to renew the order for parties to be properly guided,” said.

Justice John Okoro, who presided over a seven-member panel of the court, said there was no need for a renewal of the court’s order.

He said that the order still subsisted since the motion had not yet been heard.

“That is to say, an order of interim injunction restraining the Federal Government, either by itself or acting through the Central Bank of Nigeria (CBN) and/or the commercial banks.

“Its agents; agencies, corporations, ministries, parastatals, organisations or through any person or persons (natural and artificial), howsoever, from suspending or determining or ending on the 10th of February 2023.

“The timeframe within which the now older versions of the N200, N500 and N1,000 denominations may no longer be legal tender.

“This is pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.”




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