This decision follows an earlier extension granted by the apex court in March 2023, pushing the deadline for the phasing out of old Naira notes to December 31, 2023. Notably, the federal government sought an additional extension for the old Naira notes on November 21, 2023.

In its latest ruling in Abuja, the highest court emphasized that the Old Naira notes will maintain their status as legal tender and will be recognized for transactions until an updated directive is issued. This decision provides a temporary reprieve for individuals and businesses using the older Naira denominations, offering continuity in financial transactions until further instructions are communicated.