In a recent development, the Supreme Court, in its Wednesday ruling, has decreed that the coexistence of the old N200, N500, and N1000 notes with their newer counterparts will persist until further notice.

The apex court, led by Justice Inyang Okoro, determined that both the outdated and modern notes shall retain their status as legal tender until the Federal Government establishes a comprehensive process for their replacement or redesign, following consultations with relevant stakeholders.

This decision stems from an application filed by the Federal Government seeking an extension of the time during which the old naira notes would remain legally acceptable. The government, represented by the Attorney-General of the Federation (AGF), Lateef Fagbemi, also requested the court to lift its earlier March 3 order, citing the inability to print a sufficient volume of new notes to facilitate the phasing out of the old currency by the initial December 31 deadline.

In the fresh application, the AGF elaborated on the necessity of extending the circulation period for the old notes. It emphasized that a refusal by the Supreme Court could potentially lead the country into another national, economic, and financial crisis, reminiscent of the challenges faced in the first quarter of the year during the implementation of the naira redesign policy under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

The Federal Government argued that allowing the old notes to continue alongside the new ones until consultations with stakeholders take place is crucial to preventing a recurrence of economic turmoil. There are concerns that some Nigerians have already started hoarding both the old and new naira notes in anticipation of the December 31 deadline.

The unanimous decision of the seven-man panel was in favour of Fagbemi's application. Notably, in a mid-November announcement, the Central Bank of Nigeria (CBN) declared that the old N200, N500, and N1,000 notes would remain legal tender indefinitely.