In a significant ruling on Wednesday, the Supreme Court declared that the old Naira denominations of N200, N500, and N1,000 notes will continue to co-exist with the new notes until further notice. The court emphasized that both the old and new notes should be considered legal tender beyond December 31. This ruling stands until the Federal Government establishes a process for their replacement or redesign, following consultations with relevant stakeholders.
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.
The apex court had initially, on March 3, restrained the Central Bank of Nigeria (CBN) from implementing the deadline for the use of old notes. Despite this, on November 14, the CBN extended the validity of the old N200, N500, and N1,000 notes indefinitely.
The redesign of Naira denominations, including N200, N500, and N1,000, was introduced by the CBN in October 2022. Subsequently, specific deadlines were set for discontinuing the use of the old design of these denominations as legal tender. The recent Supreme Court ruling now ensures the continued circulation of both old and new Naira notes, offering a temporary reprieve until a comprehensive process for replacement or redesign is established by the Federal Government in consultation with relevant stakeholders.