In AG Kaduna & 15 Ors. v. AG Federation (SC/CV/162/2023), the Supreme Court on 3 March 2023 declared that the old ₦200, ₦500 and ₦1,000 notes were to remain legal tender until 31 December 2023. The CBN under Acting Governor Folashodun Shonubi later extended the validity indefinitely (Nov 2023).
Supreme Court2023· SC/CV/162/2023· Chapter I · Money
AG Kaduna & Ors. v. AGF
Supreme Court 3 March 2023: old ₦200, ₦500, ₦1,000 to remain legal tender until 31 December 2023. CBN later extends indefinitely.
Sources
- · Supreme Court Judgment SC/CV/162/2023 (3 March 2023)
What it cost — political & economic reality
The political and economic reality
Nigeria in 2023: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Muhammadu Buhari
2015–2023· APC
National reality
Two recessions (2016, 2020). Multiple naira devaluations. ASUU strike of 2022 closed federal universities for ~9 months. End SARS protests (Oct 2020); Lekki Toll Gate incident. Out-of-school children >18 million by 2022.
Crises of the period
- 2016 recession + FX crisis
- End SARS + Lekki Toll Gate (Oct 2020)
- COVID-19 lockdown (2020)
- 9-month ASUU strike (2022)
- Naira redesign chaos (Q1 2023)
GDP (World Bank)
$494 bn (2015) → $477 bn (2022)
Cabinet (selected portfolios)
- Finance
Kemi Adeosun (2015–18); Zainab Ahmed (2018–23)
- Justice (AGF)
Abubakar Malami (SAN)
- Education
Mallam Adamu Adamu (2015–23)
- Petroleum
Muhammadu Buhari (concurrent); Min. of State Ibe Kachikwu then Timipre Sylva
Source: Federal Gazette 2015–23; CBN; NBS
President · Fourth Republic
Sen. Bola Ahmed Tinubu
2023–present· APC
National reality
Fuel subsidy removed at inauguration (29 May 2023); naira floated June 2023. Inflation at multi-decade highs (>30% YoY in 2024). Student loan scheme (NELFUND) launched 2024. WAEC torchlight exam controversy (2025).
Crises of the period
- Cost-of-living crisis 2023–25
- WAEC torchlight examinations (2025)
- JAMB CBT technical failures (2025)
- Naira free-fall 2023–24
GDP (World Bank)
≈ $363 bn (2023, post-float)
Cabinet (selected portfolios)
- Finance
Wale Edun (Coordinating Minister of the Economy)
- Justice (AGF)
Lateef Fagbemi (SAN)
- Education
Tahir Mamman (2023–24); Tunji Alausa (2024– )
Source: Federal Gazette 2023– ; CBN; NBS
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.