Supreme Court adjourns Naira notes redesign case to March

The Supreme Court postponed until Friday, March 3 the state governors' lawsuit against the federal government regarding naira notes.

A lawsuit filed by the governments of Kaduna, Zamfara, and Kogi against the federal government alleges that there aren't enough old and new Naira notes because of the Central Bank of Nigeria's (CBN) naira redesign policy. More than five states have joined the lawsuit.

The state governments stated that they want the old and new Naira notes to coexist because they are concerned about the impact the CBN's naira redesign strategy is having on their citizens.

After hearing arguments from attorneys for the federal government and the states, the Supreme Court announced that a decision would be made in the case next month.

After the February 25 presidential election, the verdict date will be set. The old notes should continue to be used, according to a prior order from the court.

The CBN announced that all old naira notes of 200, 500, and 1000 have ceased to be lawful tender in Nigeria days after the Supreme Court postponed the case.

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

Only the 200-old-naira notes will remain a lawful tender through Monday, April 10, according to the president.

“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from Feb. 10, 2023 to April 10 2023,” Buhari said.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”