Naira Notes Redesign Case Is Postponed By The Supreme Court Till March

The case brought by state governors against the federal government about naira notes was postponed by the Supreme Court on Wednesday until Friday, March 3.

More than five states have joined a lawsuit filed by the governments of Kaduna, Zamfara, and Kogi against the federal government about the lack of old and new Naira notes as a result of the Central Bank of Nigeria’s (CBN) naira redesign program.

The state governments expressed concern about the impact the CBN’s naira redesign program is having on their citizens and a desire for the old and new Naira notes to coexist.

The Supreme Court said that a decision will be made on the case next month after hearing arguments from attorneys for the governors’ and the federal government’s sides.

The judgment date will follow the February 25 presidential election. The old notes should continue to be used for payment, the court has earlier ruled.

The CBN announced that all old 200, 500, and 1000 naira notes no longer qualify as lawful money in Nigeria days after the Supreme Court postponed the case.

Nevertheless, President Muhammadu Buhari instructed the CBN to permit the coexistence of the old 200 naira notes with the new 200, 500, and 1000 naira notes in a nationwide broadcast.

Up to Monday, April 10, only the 200-older naira notes would be accepted as legal cash, according to the president.

In addition to being permitted to circulate as legal cash alongside the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, Buhari announced, “I have given authority to the CBN that the old N200 bank notes be released back into circulation.”

According to Section 20(3) of the CBN Act of 2007, all extant old N1000 and N500 notes are still redeemable at the CBN and other approved locations.