The supreme court has ruled that old and new naira notes will co-exist as legal tender until further notice.

The federal government on the 21st of November, 2023, filed an application before the supreme court seeking an extension for old naira notes to remain in circulation.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

It made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.

It held that the FG failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by former governor of the CBN, Godwin Emefiele.