Old naira notes still legal tender, Supreme Court declares

The Supreme Court of Nigeria has maintained that old N200, N500, and N1000 notes remain legal tender in the country. 

This comes at the apex court adjourned the hearing of the case brought against the federal government and its agencies on the naira redesign policy to Wednesday, February 22.

With the adjournment, Nigerians were left wondering whether or not the old N200, N500, and N1000 notes remain legal tender, but the court clarified the issue.

Abdulhakeem Mustapha, counsel to Kaduna, Kogi and Zamfara, asked the court to make an order directing the federal government not to implement a deadline on the old notes.

But a seven-member panel of the apex court led by John Okoro, said there was no need to issue a fresh order as “the interim order is pending the hearing on the motion on notice”.

Ruling on an ex parte application brought by three states: Kaduna, Kogi, and Zamfara, the supreme court, on February 8, restrained the CBN from giving effect to the deadline on the use of old notes.

The court issued an interim injunction “restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on 10 February, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Abubakar Malami. attorney-general of the federation (AGF), the sole respondent in the suit, subsequently filed a preliminary objection challenging the court’s jurisdiction to entertain the matter.

However, Malami said the federal government would obey the order in line with the rule of law.