Supreme Court Decides Old Naira Notes to Stay Legal Tender
The Nigeria Supreme Court issued a ruling on Wednesday, declaring that the Old Naira notes will continue to be accepted as legal tender in the country until further notice.
This decision follows an earlier extension granted by the apex court in March 2023, pushing the deadline for the phasing out of old Naira notes to December 31, 2023. Notably, the federal government sought an additional extension for the old Naira notes on November 21, 2023.
In its latest ruling in Abuja, the highest court emphasized that the Old Naira notes will maintain their status as legal tender and will be recognized for transactions until an updated directive is issued. This decision provides a temporary reprieve for individuals and businesses using the older Naira denominations, offering continuity in financial transactions until further instructions are communicated.
Mixed reactions trail CBN’s directive on old naira notes in Kwara
Residents of Ilorin, the capital of Kwara State, reacted variously on Tuesday to the Monday directive of the Central Bank of Nigeria (CBN) asking commercial banks to receive and dispense the old N200, 500, and 1,000 notes.While the majority of the residents described the directive as a good development, others said it will only impact positively if effective and vigorous sensitization and public enlightenment campaigns are carried out by the CBN to restore the confi...
Breaking: CBN Makes Official Statement on Old Naira Notes
After several criticism from different quarters, the Central Bank of Nigeria (CBN) on Monday Night said old N200, N500, and N1,000 banknotes remain legal tender Till December 31, 2023.The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.“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 Muhamma...
CBN clears air on acceptance of old Naira notes
The Central Bank of Nigeria has cleared the air by directing commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis.Dr. Isa Abdulmumin, Acting Director of Corporate Communication at the CBN, in an exclusive chat with The Daily Post on Monday, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.Abdulmumin was reacting to a st...
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