In a landmark decision, the Supreme Court has directed the ongoing coexistence of the old N200, N500, and N1000 notes alongside their newer counterparts until further instructions.
The apex court’s ruling upholds the legal tender status of both old and new notes, emphasizing their continued acceptance in transactions across the country. This directive remains in effect until the Federal Government institutes a comprehensive process for either replacing or redesigning the older currency denominations. The court mandated that this process must be undertaken only after meticulous consultations with pertinent stakeholders, ensuring a comprehensive and inclusive decision-making approach.
This unexpected decision by the Supreme Court maintains the status quo of the national currency, offering relief to citizens and businesses that currently utilize both the old and new banknotes. However, it also signals the necessity for a future plan of action by the Federal Government in coordination with relevant stakeholders to address the fate of the older banknote denominations.
