OLD NAIRA NOTES REMAIN LEGAL TENDER INDEFINITELY - CBN

BY JENNIFER NWOSU

The validity of the old naira notes, has been indefinitely extended by the Central Bank Of Nigeria.

The apex bank announced its' intention to extend the validity of the old N200, N500, and N1,000 notes indefinitely.

The bank disclosed this in a statement signed by the Director, Corporate Communications, Isa AbdulMumin, on Tuesday.

The statement titled, ‘CBN To Allow Old Design Naira Banknotes as Legal Tender, Ad Infinitum,’ said the decision is line with international best practices and to forestall a repeat of earlier experiences.

Earlier this month, it clarified that there was no scarcity of naira in the country. Later, it announced that every banknote remains legal tender and should not be rejected by anyone.

The apex bank has had to clear the air on the naira following a March ruling by the Supreme Court that asked the CBN to allow old N200, N500, and N1,000 notes to continue as legal tender till December 31, 2023, after the bank announced a new naira design policy and expiration dates for the denominations.

The former Governor of the Central Bank of Nigeria, Godwin Emefiele, in October 2022 disclosed a plan to redesign some naira denominations (N200, N500, and N1000 notes) and reduce currency circulation.

According to Emefiele, the currency move was to control currency in circulation as well as curb counterfeit currency and ransom payments to kidnappers and terrorists. He stated that the existing old N200, N500, and N1,000 notes would retain their legal tender status until January 31, 2023.

The apex would later extend its deadline until February 10, 2023, but the Zamfara, Kogi, and Kaduna state governments would on February 3 file a suit against the Attorney-General of the Federation on the policy.

Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River would later join the suit as co-plaintiffs. In a ruling in March 2023, the Supreme Court invalidated the new naira design policy because it was not done with due consultation and in line with constitutional provisions.

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