# Tags
#Lead Story

Government Seeks Supreme Court Extension for Old Naira Notes

With only 40 days left in the year, the Federal Government has petitioned the Supreme Court for an extension on the circulation of old Naira notes beyond the December 31 deadline.

Citing economic challenges hindering the printing of sufficient new notes, the government fears a crisis if the old notes are phased out by the set date. It implores the court to allow the old notes to coexist with the new until necessary structures are in place.

The Supreme Court had initially extended the validity of old N200, N500, and N1,000 notes following a suit by 10 plaintiff states. The government’s fresh application seeks a review of the court’s order, emphasizing the need to prevent economic and financial turmoil.

Attorney-General of the Federation, Lateef Fagbemi (SAN), highlighted the government’s efforts to comply with the court’s directive while addressing ongoing consultations and challenges in printing new currency.

The Supreme Court has scheduled a hearing for November 30, recognizing the complexity and importance of this matter for national peace and economic stability.

Leave a comment

Your email address will not be published. Required fields are marked *