Supreme Court: Old and new Naira notes should coexist until further notice
The old Naira denominations of N200, N500, and N1,000 notes will coexist with the new notes until further notice, according to a ruling by the Supreme Court on Wednesday.
According to the court, both the old and new notes should be accepted as legal tender after December 31 until the Federal Government, after consulting with all relevant parties, establishes a procedure for replacing or redesigning them.
On March 3, the Nigerian Central Bank was ordered by the Supreme Court not to implement the deadline for using outdated notes.
On November 14, however, the CBN decided to permanently prolong the validity of the previous N200, N500, and N1,000 notes.
According to newscrescent media, the CBN redesigned the N200, N500, and N1.000 denominations in October 2022 and established timelines for when the previous designs would no longer be accepted as legal money.
