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Previous, New Naira Notes to Co-exist Until Additional Discover – Supreme Court docket
In a ruling on Wednesday morning, a panel of the apex courtroom ordered that the outdated notes stay authorized tender till mandatory amenities are put in place for his or her alternative.
The Supreme Court docket maintained that the outdated and new notes ought to stay as authorized tender past December 31. till the federal authorities places a course of in place for his or her alternative or redesign after due session with related stakeholders.
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The apex courtroom had, on March 3, restrained the Central Financial institution of Nigeria from giving impact to the deadline on using outdated notes.
Nevertheless, the CBN, on November 14, prolonged the validity of the outdated N200, N500, and N1,000 notes indefinitely.
Economic Confidential experiences that the CBN launched the redesigned N200, N500, and N1.000 denominations in October 2022, and sure deadlines have been set for the outdated design of those denominations to stop as authorized tenders.
