New Naira notes: CBN bows to supreme court ruling – extends the use of old naira notes to Dec. 31, 2023 – Chimaobi Agwu

The Central Bank of Nigeria has finally submitted to the supreme court ruling extending the use of the old naira notes to December 31, 2023. in a press release issued on Monday March 13th, 2023 and signed by its Acting Director, Corporate Communications, lsa AbdulMumin, the bank stated as follows

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of
President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in
Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023. Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.” You can read the press release here

Before the press release by the Central Bank, some stakeholders in the country had planned filing a contempt of court order against the Central Bank Governor, Godwin Emefiele, and the Attorney General of the Federation, Malami, over the non compliance with the supreme court ruling on the validity of old Naira notes.

After meeting with the Bankers’ Committee, the governor of the Central Bank of Nigeria (CBN) ordered that the old N200, N500, and N1000 notes continue to be accepted alongside the redesigned notes through December 31, 2023.

It is anticipated that this will bring a lot of relieve and respite to citizens and the economy that have being subjected to much misery over the past three months on the issue of naira availability. Nigerians can now collect and spend the old Naira notes to effect their transactions without any fear or denial up until December 31, 2023.