The Federal Government has initiated a process to challenge the Supreme Court’s decision, aiming to reevaluate the endorsement of the old N200, N500, and N1000 notes as legal currency until December 31, 2023.
The government is calling on the apex court to overturn its March 3 decision, which dictates that both old and new naira notes should maintain legal tender status until December 31.
The apex court, on March 3, intervened by issuing a restraining order against the Central Bank of Nigeria, preventing the enforcement of the deadline on the use of old notes.
Faulting the policy of the CBN, the seven-member panel of the apex court expressed reservations about the timing and implementation, deeming them defective.
This development follows a legal action initiated by the governments of Kaduna, Kogi, and Zamfara states, contesting the implementation of the policy.
The lawsuit gained further support as thirteen additional states joined in as co-plaintiffs.
Read also: Old Naira Notes Remain Legal Tender Indefinitely, CBN Reveals
As outlined by the newspaper, the Federal Government is pursuing a new legal course, urging the apex court to permit the coexistence of redesigned notes and old notes until the essential structures are put in place.
As per the report, the apex court has scheduled a hearing on the matter for November 30.
In the fresh application by the Attorney-General of the Federation, Lateef Fagbemi (SAN), the Federal Government is seeking the following reliefs, ‘An order of this Honourable Court reviewing or varying its consequential order contained in the judgment in Suit No. SC/CV/162/2023 was delivered on the 3rd day of March 2023 to the effect that the old 200, 500, and 1,000 naira notes should be legal tender until December 31, 2023.’
‘An order of this Honourable Court varying its consequential order contained the March 3 judgment to the effect that the old 200, 500, and 1,000 Naira notes should be legal tender until December 31, 2023.’
‘An order of this Honourable Court reviewing and/or varying the said consequential order to read thus: An order that the old versions of 200, 500, and 1,000 notes/currency shall continue to be legal tenders alongside the new or redesigned versions until the government decides to bring the circulation of the old versions to an end… after its consultation with critical stakeholders and after putting all required structures in place.’
‘And for such order or further orders as this Honourable Court may deem fit to make in the circumstances.’
In support of the Motion on Notice, Assistant Chief State Counsel Terhemba Agbe stated in an affidavit that CBN Governor Dr. Olayemi Cardoso has verified the hoarding of both old and new notes by some Nigerians in anticipation of the December 31 deadline.