The government also wants the court to lift its March 3 order – which instructed that the
old naira notes should remain alongside the new notes till December 31.
In the fresh application by the Attorney-General of the Federation, Lateef Fagbemi,
the Federal Government further explained that should the Supreme Court decline its
request to extend the period of circulation of old notes, the country stands the risk of
descending into another national, economic and financial crisis as witnessed in the first
quarter of the year when the naira redesign policy was being implemented under the
former CBN Governor.
It urged the court to allow the old notes to be in use with the new notes until after it
consults with stakeholders.