With barely 40 days left in the year, the Federal Government has appealed to the Supreme Court to extend the circulation period of old naira notes.
The government is seeking to lift the court’s March 3 order, which allowed old naira notes to remain legal tender alongside new notes until December 31.
The extension is deemed necessary due to the economic crisis hindering the printing of an adequate volume of new notes to replace the old currency by the specified deadline.
The Federal Government expressed concerns that failure to secure an extension could lead to a repeat of the national, economic, and financial crisis witnessed earlier in the year during the implementation of the naira redesign policy.
It urged the court to permit the coexistence of old and new notes until the government completes consultations with critical stakeholders and establishes the required structures.
The government highlighted the risk of economic instability, pointing out that citizens have begun hoarding both old and new naira notes ahead of the December 31 timeline.
The plea emphasizes the ongoing engagement with 10 plaintiff states, including Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto.
The Supreme Court has set a hearing date for November 30, where the government is seeking a review of the order allowing the old 200, 500, and 1,000 naira notes to remain legal tender until the end of the year.
The application seeks to ensure a smooth transition, preventing potential national and economic crises.
The government contends that the extension is essential due to the challenges posed by the economic crisis and the need for adequate preparation to implement the naira redesign policy.
