The Nigeria Supreme Court has declared that the old naira notes will continue to be legal tender in the country until further notice.
Back in October 2022, former CBN Governor Godwin Emefiele stirred the pot by announcing a redesign and circulation plan for new banknotes—₦200, ₦500, and ₦1,000. The country was given a tight three-month window to swap old notes, causing a cash crunch that sent shockwaves through the economy.
Fast forward to March 2023, the Supreme Court stepped in, ruling that the Central Bank of Nigeria didn’t provide sufficient notice to the public and ordered the coexistence of old and new notes until December 31, 2023. However, ten days later, the CBN pulled the plug on its redesign policy, leading to continued cash shortages.
As the deadline loomed, the federal government sought an extension, fearing an economic crisis if the old notes were demonetized.
And last week, in a groundbreaking decision, the Supreme Court has scrapped the December 2023 deadline, declaring the old notes as legal tender indefinitely.
