Nigerian Central Bank Reverses Order, Allows Use of Old Banknotes
The Central Bank of Nigeria (CBN) says that old banknotes will remain legal tender until the end of 2023, as directed by the Supreme Court. Banks have also been directed to comply with the court's decision that allowed for old and new naira notes to run concurrently until December 31, 2023.
A January 31 deadline initially set for ending the legal tender status of the old Naira notes was extended to February 10, as the supply of the new notes fell far short of the volume needed by citizens to meet their most basic needs across the country.
President Muhammadu Buhari directed the central bank to release old 200 naira banknotes back into circulation, to run concurrently with the new ones until April 10, 2023. But the supreme court's judgement overruled this directive. The court issued an interim order suspending the implementation of the deadline set by the federal government and directed that the old and new Naira notes should continue to circulate pending the resolution of the case.
Long queues were witnessed at banking halls and cash machines with many unable to access the new banknotes. This led to protests in some parts of the country.
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Nigeria:
Central Bank Reverses Order on Old Banknotes
Premium Times, 13 March 2023
The CBN said it gave the directive at a Bankers' Committee meeting held on Sunday. Read more »
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Nigeria:
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Naira Scarcity - While Nigerians Suffer, Buhari Remains Non-Committal to Obeying Supreme Court Ruling
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Nigeria:
It Is Illegal to Reject Old Naira Notes, Sanwo-Olu Tells Traders, Govt Agencies
Premium Times, 13 March 2023
Mr Sanwo-Olu urges business owners and government agencies to accept the old naira notes in accordance with the court ruling. Read more »
InFocus
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Nigeria's Supreme Court has ruled that old banknotes remain legal tender until the end of the year, bringing relief to millions affected by a chaotic redesign of the naira ... Read more »
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President Muhammadu Buhari has directed the country's central bank to release old 200 naira banknotes back into circulation, to run concurrently with the new ones until April 10, ... Read more »
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The Supreme Court has temporarily suspended the February 10, 2023 deadline to stop the use of old banknotes, which had caused a cash crisis in the country. Banks have not ... Read more »
Old 200 Naira note (file photo).