The Supreme Court has approved the Federal Government’s request to extend the validity of the redesigned N200, N500, and N1000 notes introduced during the past administration of President Muhammadu Buhari. In a ruling on Wednesday, a seven-member panel led by Justice John Okoro directed that the old notes remain legal tender until the necessary infrastructure is in place for their replacement.
The apex court specified that the old notes would continue to coexist as legal tender alongside the new or redesigned versions. This decision revises the court’s earlier order, which had stipulated that the old notes should cease to be legal tender by the end of December 2023. The updated ruling emphasizes the continuation of the old versions until the government, in consultation with key stakeholders, decides to conclude their circulation after establishing all required structures.
The motion was presented by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), during the court session. The ruling panel, consisting of Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim, collectively supported the decision.