According to The Nation, the Federal Government has petitioned the Supreme Court to revisit its ruling that the former N200, N500, and N1000 should remain legal money until December 31, 2023.
The government is requesting that the Supreme Court revoke its ruling from March 3 stating that both new and old Naira notes should be used as legal tender till December 31.
On March 3, the Nigerian Central Bank was ordered by the Supreme Court not to implement the deadline for using outdated notes.
The Apex Court’s seven-member panel criticized the CBN’s strategy, citing flaws in its timing and execution.
This is a follow-up to a lawsuit that the state governments of Kaduna, Kogi, and Zamfara filed to contest the policy’s execution.
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Later on, thirteen more states became co-plaintiffs in the lawsuit.
The publication claims that the FG is requesting the supreme court to permit the revised notes and the original notes to coexist until the necessary mechanisms are put in place in a new lawsuit.
The article states that the hearing on the subject has been scheduled on November 30 by the supreme court.
“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,” is what the Federal Government is requesting in the new application filed by Lateef Fagbemi (SAN), the Attorney-General of the Federation.
The March 3 ruling that the previous 200, 500, and 1,000 Naira notes shall be legal tender until December 31, 2023, was included in an order of this Honorable Court changing its subsequent order.
The old versions of the 200, 500, and 1,000 notes/currency shall remain legal tender alongside the new or redesigned versions until the government decides to stop the circulation of the old versions… after consulting with key stakeholders and after putting all necessary structures in place. This is according to an order of this Honorable Court reviewing and/or varying the said consequential order.
And for any other orders that this Honorable Court may see appropriate given the circumstances.
Assistant Chief State Counsel Terhemba Agbe said in an affidavit supporting the Motion on Notice that CBN Governor Dr. Olayemi Cardoso had verified that some Nigerians had begun hoarding the affected old and new notes in anticipation of the December 31 deadline.
