More than five states have joined a suit by Kaduna, Zamfara and Kogi state governments against the Federal Government over the scarcity of old and new Naira notes due to the Central Bank of Nigeria (CBN) naira redesign policy.
The state governments said they are worried about the effects the CBN naira redesign policy is having on the residents of their states and want the old and redesigned Naira notes to coexist.
The Supreme Court, after hearing from lawyers on both governors’ and federal government’s sides, said a judgement would be delivered on the matter next month.
The judgment date will be after the presidential election on February 25. The court had previously issued an order saying the old notes should remain in circulation.
Days after the Supreme Court adjourned the case, the CBN declared that all old naira notes of 200, 500 and 1000 have ceased being legal tenders in Nigeria.
However, President Muhammadu Buhari in a national broadcast ordered the CBN to allow the old 200 naira notes and redesigned 200, 500 and 1000 naira notes to coexist.
The president said only the 200 old naira notes will continue to be legal tender till Monday, April 10.
“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.”