Breaking: Old 200, 500, 1000 Naira Notes To Remain Legal Tender Till Dec, Supreme Court Rules


From GODWIN AGIA, Jalingo

The Supreme Court on Friday, 3 March 2023, ruled that the old Naira notes remain legal tender till 31 December 2023.

It set aside the deadline of the Central Bank of Nigeria (CBN).

The CBN set January 31, 2023 as deadline for the swap of the old currency notes with the new ones.

It had to extend the deadline to February 10 but on February 8, the apex court directed the status quo bellem be maintained till its determination of the substantive suit brought by the governments of Kaduna, Kamo aand Kogi states.

Later, some other state governments requested to be joined in the suit necessitating the apex court having to consolidate the suit before judgement.

Also, President Muhammadu Buhari in a broadcast ordered the old N200 notes to be recirculated till April 10, 2023 while the N500 and N1000 notes ceased to be legal tenders.

Citizens have been passing through serious cash crunch since the currency redesign policy.


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