Supreme Court orders old naira notes to remain legal tender until December 2023 

·
March 3, 2023
·
1 min read
Image showing items in the law court

The Supreme Court has this Friday, March 3, 2023, ruled that the old naira notes are to remain legal tender until December 31, 2023.

Recall that the CBN had, in November 2022, announced plans to redesign the naira while giving January 31, 2023, as the deadline for the use of the old notes as legal tender. Nigerians were, however, unable to access the new notes as the deadline approached, leading to long queues at banks.

The CBN would later extend the deadline to February 10, 2023, even as 16 state governors took the apex bank to court over the naira redesign policy. On President Muhammadu Buhari announced that ₦‎500 and ₦‎1,000 naira notes would not remain legal tender while directing the CBN to release old ₦‎200 notes to the public, a move that has done little to improve the cash shortage in the country.

Justice Emmanuel Agim, delivering the judgement declared that the redesign of the naira was done without consulting the National Council of States, Federal Executive Council (FEC) and the National Economic Council (NEC), adding that it breached the fundamental human rights of Nigerians in the process.

Advertisement
READ MORE   CBN gives IMTOs naira access to increase remittances
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Accidental writer, covering Africa's startup landscape and its heroes. Find me on Twitter @chigo_nwokoma.
Other Stories
43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier