Nigeria central financial institution says outdated financial institution notes to stay authorized tender

ABUJA, Nov 14 (Reuters) – Nigeria’s central financial institution mentioned on Tuesday outdated financial institution notes that had been as a result of be faraway from circulation subsequent month would now stay authorized tender, ending months of uncertainty after an try earlier this 12 months to take away them induced critical money shortages.

The Supreme Court in March ordered the Central Financial institution of Nigeria (CBN) to increase till Dec. 31 using outdated 1,000, ($1.18) 500 and 200 naira notes, whose preliminary withdrawal from circulation grew to become an election subject after it induced widespread hardship and anger.

The financial institution had defended the removing of the notes, saying new ones could be tougher to counterfeit and that the method would additionally assist management liquidity in an financial system the place most cash is held exterior banks.

On Tuesday, the CBN, which has had a brand new governor since September, mentioned the outdated financial institution notes “will stay authorized tender advert infinitum, even past the preliminary December 31, 2023 deadline”.

In the course of the election marketing campaign, President Bola Tinubu had opposed the removing of the outdated financial institution notes.

Reporting by Camillus Eboh, writing by MacDonald Dzirutwe
Enhancing by Gareth Jones

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