The Supreme court on Friday 3rd March nullified the ban on the use of the old naira note (#200,#500, and #1,000) bank notes respectively as legal tenders. The apex court in Nigeria, in a unanimous decision by a seven-member panel of Justices, held that old naira notes remain legal tender till 31st December 2023.
Legal Tender
CBN Extends Deadline For Old Naira Notes Swaps With New Date As Deadline
On Sunday 29th January 2023, the CBN extends deadline for old naira notes swaps with new date as deadline as announced by the CBN Governor. The Central Bank of Nigeria recently redesigned some of its naira notes. The naira notes redesigned were the higher denominations. The CBN initially gave 31st January 2023 as the deadline for the old naira notes swaps. The new naira notes have been heavily criticised with many people saying the duration given by the CBN is not enough for the old notes to phase out.