Fiat money problems: Old naira banknotes to stay for another year as Nigerian supreme court cancels redesign plans.
The supreme court of Nigeria has ruled that the old N200, N500, and N1,000 naira notes remain in circulation till Dec. 31, 2023, effectively nullifying the naira redesign previously announced by Nigerian President Muhammadu Buhari. The introduction of redesign sought to phase out the use of the old naira notes.in a unanimous judgment that President Buhari issued the directive without consultation.
The Supreme Court went on to declare Buhari’s directive withdrawing the old notes from circulation as illegal and an affront to the 1999 Constitution. The court also issued another order nullifying it and extended the legal tender status of the currency notes till Dec. 31. Late last year, Buhari ordered the withdrawal of the N200, N500 and N1,000 notes by 31 January 2021; after introducing the newly designed versions of the banknotes, which were short in supply.The directive, described as a “demonetization policy” by some state governors opposed to it, has created a scarcity of banknotes, creating disruption in the financial system and hardships for millions of citizens.
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