Old, new naira notes remain legal tenders till further notice, says Supreme Court

The Supreme Court, on Wednesday ruled that the old naira denominations of N200, N500 and N1,000 notes continue to co-exist with the new notes till further notice.

The court maintained that the old and new notes should remain as legal tender beyond December 31 until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.

The apex court had, on March 3, restrained the Central Bank of Nigeria from giving effect to the deadline on the use of old notes.

However, the CBN, on November 14, extended the validity of the old N200, N500 and N1,000 notes indefinitely.

The PUNCH reports that the CBN introduced the redesigned  N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.