On March 03, 2023, the Supreme Court allowed the old naira notes to continue circulating until the end of the year, December 31, 2023. This ruling mandates the Central Bank of Nigeria (CBN) to facilitate the coexistence of the old and new naira notes.
This decision relieves many citizens in the country who have voiced concerns about the sudden introduction of new currency notes and the potential negative impact on the economy. The Supreme Court’s decision overruled President Buhari’s instructions regarding the redesign and circulation of the naira notes, citing their illegality and abuse of executive power.
On February 8, 2023, the Supreme Court issued a temporary directive authorising the continued use of old naira notes. Still, President Buhari disregarded this directive and issued a proclamation on February 16, 2023, stating that only N200 notes would be deemed acceptable.
Justice Emmanuel Akomaye Agim declared the President’s proclamation an unprecedented act of disobedience, and the apex court rebuked the President for disregarding its directive. The Supreme Court’s decision to overrule the President’s instructions is a testament to the independence of the judiciary system in Nigeria.
This ruling is expected to stabilise the Nigerian economy as the sudden introduction of new notes could have caused chaos and negatively impacted the nation’s economy. The apex court’s decision will also allow businesses and individuals to continue transacting with the old naira notes until the end of the year.
The CBN will now be responsible for ensuring the coexistence of the old and new notes forto avoid public confusion and inconvenience
