The federal government has urged the Supreme Court to extend the deadline allowing old N200, N500 and N1,000 banknotes to remain legal tender. Currently the apex court ruling from March states the notes can circulate alongside new designs until December 31st.
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In a fresh application, the Attorney General of the Federation Lateef Fagbemi said more time is required because the government has been unable to print enough new banknotes to phase out old currency by year’s end. He warned allowing the deadline to stand risks plunging Nigeria into economic crisis.
Fagbemi revealed that hoarding of old and new notes has already begun with citizens anticipating the looming demonetization. As such, the FG strongly feels allowing old bills to continue circulating into 2023 is key to stabilizing markets.
The application asks the court to review its March 3 judgement that gave the Central Bank leeway to swap old banknotes until December 31st. Instead the government wants circulation and redemption extended until “the government decides to bring the circulation of the old versions to an end” after further consultation.
The Supreme Court is set to hear the case on November 30. Earlier this year, it overturned the CBN’s move to end old note use in February after 10 states sued the federal government over inadequate public awareness.
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