22nd February, 2023
The Supreme Court on Wednesday insisted that the old Naira notes remain legal tender pending the final judgement of the case to be delivered by the apex court on March 3, 2023.
The apex court had on February 8, 2023 granted an interim injunction to allow the old naira notes to be in circulation pending the determination of the case filed by some governors against the obnoxious policy of the Central Bank of Nigeria (CBN).
The court said the CBN and the federal government should suspend the implementation of the February 10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes.
On 15 February the apex court affirmed the ruling. This, it said, should be pending until the hearing and determination of a suit before it slated for February 22.
In a surprise move President Buhari on 16 February, in a broadcast announced that only the old N200 note would remain valid until April 10. He said old N500 and N1000 notes had ceased to be legal tender.
The broadcast had been heavily criticised and condemned by lawyers and many of the 21 governors of the APC. Many expressed outrage that the President could openly defy the apex court in a democracy.
At today’s hearing, the Supreme Court extended the earlier injunction to March 3 when it will deliver judgement in the case filed by 10 governors against CBN’s Naira redesign policy.