In a recent ruling, the Nigeria Supreme Court declared that the old Naira notes will continue to maintain their legal tender status until further notice, overturning previous deadlines set for their phasing out.
Initially, the apex court had previously extended the deadline to withdraw old Naira notes to December 31, 2023. However, the federal government sought another extension, filing for the continuation of the circulation of the old Naira notes on November 21, 2023. The government cited potential national economic and financial crises if the old notes were phased out abruptly.
The decision from the Supreme Court, announced in Abuja today, signifies that the old Naira notes—specifically the N200, N500, and N1000 denominations—will remain acceptable for transactions indefinitely.
In line with this development, the Central Bank of Nigeria (CBN) had previously issued a circular indicating its intent to extend the legal tender status deadline for the old Naira notes, removing the earlier set deadline of December 31, 2023. The CBN emphasized that these banknotes would continue to be recognized as legal tender beyond the specified date to align with international best practices and avoid potential challenges faced previously during the redesign policy implementation.
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Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN, highlighted that all banknotes issued by the CBN would maintain their legal tender status indefinitely, in compliance with Section 20(5) of the CBN Act 2007. Furthermore, the CBN assured the public that all denominations of Nigerian banknotes, both old and redesigned, would be accepted at its branches nationwide.
The CBN has also disclosed its engagement with relevant authorities to address an existing court ruling related to this subject, reinforcing its commitment to ensuring the continued circulation and acceptance of both old and redesigned Naira notes across the country.
