CBN Extends Use of Old naira, Cancel 31st December 2023 Deadline

The Central Bank of Nigeria (CBN) on Tuesday 14th October 2023 said that the old currency notes of 1000, 500 and 200 will not be removed totally on 31st December 2023 as delivered in judgment by the Supreme Court of Nigeria.

There is no deadline again for the phase-out of the old currency as the usage will be indefinite till further notice.

Recall that the former Governor of the apex bank in Nigeria Godwin Emefiele under the leadership of the former president of Nigeria Muhammad Buhari has initiated changing currency notes of 1000, 500, 200. Some former Governors and others went to court to challenge the removal of the named currency notes within short notice and period. Those who approached the Supreme Court to seek justice said their people were suffering due to the naira scarcity then and also a perceived political witch-hunt as the General election was close by.

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In Nigeria, there are two types of 200, 500, and 1000 currency notes and they are all backed by the law as legal tender pending whenever the Central Bank of Nigeria say otherwise.

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