In a significant ruling on Wednesday, the Supreme Court has given its nod to the Federal Government’s request to extend the validity period of the old 200, 500, and 1000 naira notes indefinitely.
The court’s decision mandates the continued recognition of these older notes as legal tender until the necessary infrastructure is in place for their systematic replacement.
The phased-out notes had been part of the Central Bank of Nigeria’s (CBN) policy under the leadership of former governor Goodwin Emefiele.
However, the Supreme Court’s intervention comes in response to a lawsuit filed by some states in the country.
These states argued that the CBN’s naira redesign policy had inflicted undue hardship on Nigerians and had adverse effects on the economy.
As the details of the ruling unfold, the implications of this decision are expected to have far-reaching effects on the country’s monetary policies and the daily lives of its citizens.