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Old Naira Notes to Remain Legal Tender till Year End

    … Supreme Court Overrules FG

At last the Supreme Court has ruled on the matter brought before it by some state governments challenging the decision of Nigeria’s apex bank, the Central Bank of Nigeria, to phase out the old 200,500 and 1000 naira notes.

In the last quarter of the year 2022 the apex bank had announced plans to redesign and introduce new notes for the aforementioned denominations.

While the plaintiffs had argued that the exercise could provoke undue hardship for the generality of Nigerians, the respondent believes that the policy is necessary to curb the rising incidences of kidnapping, banditry, counterfeiting and money laundering. 

The Supreme Court in a unanimous decision on Friday berated the apex bank for not consulting as widely as possible before embarking on the exercise. The Court therefore ordered that the old naira notes remain legal tender till December 31, 2023.

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