Old Naira Notes: FG Prays Supreme Court’s To Review judgement.

The Federal Government has prayed the Supreme Court to review its judgment over the old naira notes, according to the Nation’s newspaper.

The suit is expected to be heard on November 30, the medium said.

The apex court had in March this year ruled that the validity of the N200, N500 and N1,000 as legal tender must not exceed December 31, 2023.

The federal government has now prayed the Supreme Court to review the judgment.

Recall that the Central Bank of Nigeria, CBN, had recently insisted that the old notes remain legal tender alongside new naira notes.

The CBN spoke following the scarcity of naira notes in some parts of the country, which not a few Nigerians blamed on the Supreme court’s judgment.

Sources in the CBN told the magazine that the government bank is determined to end the naira scarcity before it snowballs into a serious problems, as Nigerians are already apprehensive of what will happen during the festive period if the problem persists.

According to an application filed  by the Attorney-General of the Federation, Lateef Fagbemi, a senior Advocate,  the Federal Government has asked the Supreme Court to among other things review the judgment in light of the hoarding of naira notes by some Nigerians.

The government is seeking the following reliefs, “An order of this Honourable Court reviewing or varying its consequential order contained in the judgment in Suit No. SC/CV/162/2023 was delivered on the 3rd day of March 2023 to the effect that the old 200, 500, and 1,000 naira notes should be legal tender until December 31, 2023.

“An order of this Honourable Court varying its consequential order contained the March 3 judgment to the effect that the old 200, 500, and 1,000 Naira notes should be legal tender until December 31, 2023.

“An order of this Honourable Court reviewing and/or varying the said consequential order to read thus: An order that the old versions of 200, 500, and 1,000 notes/currency shall continue to be legal tenders alongside the new or redesigned versions until the government decides to bring the circulation of the old versions to an end… after its consultation with critical stakeholders and after putting all required structures in place.

“And for such order or further orders as this Honourable Court may deem fit to make in the circumstances.”