The Supreme Court has granted the request by the Federal Government for the extension of the lifespan of the N200, N500 and N1000 notes that were redesigned under the immediate past administration of President Muhammadu Buhari.
The Nation reported that in a ruling on Wednesday morning, a panel of the apex court ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.
This decision overrules the initial deadline of December 31, 2023, for the old notes to cease being legal tender.
The apex court’s directive aims to address the potential economic and financial disruptions that could arise from an abrupt withdrawal of the old notes.
The Federal Government had previously sought an extension of the deadline, citing concerns about the potential for economic chaos if the old notes were suddenly rendered obsolete.
The Supreme Court’s ruling aligns with the government’s request and provides a more gradual transition to the new notes.
The court’s decision also underscores the importance of stakeholder consultation in implementing such significant policy changes.
The Federal Government is now tasked with engaging with relevant stakeholders to develop a comprehensive plan for replacing or redesigning the old notes.
