Naira Redesign Policy: Supreme Court Extends Lifespan of Old Notes

The Supreme Court of Nigeria has extended the lifespan of the old N200, N500, and N1,000 notes, ruling that they will remain legal tender indefinitely. This is the second time the apex court has intervened to extend the deadline for the old notes, following its initial ruling in March 2023.

CBN’s Response

In response to the Supreme Court’s ruling, the Central Bank of Nigeria (CBN) has directed all banks to continue issuing and accepting both the old and the redesigned N200, N500, and N1,000 notes until further notice. The CBN has also urged Nigerians to handle the currency with care.

Background

The CBN announced the redesign of the N200, N500, and N1,000 notes in October 2022, with a deadline of January 31, 2023, for the old notes to be phased out. However, following public outcry and legal challenges, the Supreme Court extended the deadline to December 31, 2023.

Implications

The Supreme Court’s latest ruling provides relief to Nigerians who have been struggling to access the new notes. It also gives the CBN more time to plan for the eventual withdrawal of the old notes.

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