The Federal Government has approached the Supreme Court seeking an extension of the validity of old naira notes beyond the current deadline of December 31, 2023.
In a fresh application filed before the Supreme Court, the government cited the ongoing economic crisis and the need for further consultation with critical stakeholders as reasons for the extension request.
The government argued that the Supreme Court’s order of March 3, 2023, which extended the validity of old naira notes until December 31, was based on the assumption that sufficient new notes would be printed by the end of the year. However, due to the economic crisis, the government has been unable to print the required volume of new notes.
The government further expressed concern that the hoarding of both old and new naira notes, driven by the impending deadline, has the potential to destabilize the economy. To prevent this, the government believes that the old notes should continue to be legal tender alongside the new notes until the necessary measures are in place to phase them out.