Old naira notes still valid as Nigeria’s legal tender – S/Court

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Abuja, Feb. 15, 2023 – 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.

It said this followed its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 notes.

The court made the clarification on Wednesday following a complaint by Abdulhakeem Mustapha, a lawyer to Kaduna, Kogi and Zamfara states, that the Fed Govt 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. We have filed an affidavit to that effect…We want the court to renew the order for parties to be properly guided.”

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 of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or the commercial banks, its agents; agencies, corporations, ministries, parastatals, organizations 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 200, 500 and 1000 denominations of the naira may no longer be legal tender, pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.” (GBN)

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