In response to a recent Supreme Court ruling, the Central Bank of Nigeria (CBN) has directed all banks to continue issuing and accepting both the old and redesigned N200, N500, and N1,000 notes until further notice. The apex bank clarified that the old notes would not be withdrawn from circulation after December 31, as previously planned.
The Supreme Court’s decision, announced on Wednesday, overturned the earlier directive by the CBN, under the former governor, Godwin Emefiele, to withdraw the old N200, N500, and N1,000 notes from circulation in February of the current year. The apex court, in its March 3 order, described the initial withdrawal plan as hasty and instructed that the old notes should remain legal tender until December 31.
The recent ruling followed a request by the Federal Government, made through the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), seeking a review of the apex court’s March 3 verdict. The government argued that the old notes should remain legal tender until December 31, and the Supreme Court, in a unanimous decision, granted this prayer.
In light of the ruling, the CBN, now under the leadership of Governor Yemi Cardoso, has decided not to withdraw the old notes. The Supreme Court emphasized that the old versions of N200, N500, and N1,000 notes would continue to be legal tender alongside the redesigned versions until the government, after consultation with stakeholders, decides to end the circulation of the old versions.
The CBN urged banks and the general public to accept all Naira banknotes (both old and redesigned) for daily transactions and handle them with care to preserve their lifecycle. Additionally, the public was encouraged to embrace alternative modes of payment, such as electronic channels, to reduce reliance on physical cash.