Old naira notes still valid and legal – Supreme Court
The Nigerian apex court has ruled that the old naira notes are still valid and legal tenders and that they will continue to coexist with the new ones.
In 2022 the Central Bank of Nigeria announced that there would be a redesign of the naira notes after its then governor Godwin Emefiele got approval from former president Muhammadu Buhari. The decision led to a cash crunch as businesses suffered from the scarcity of naira notes.
Five governors including Yahaya Bello dragged the apex bank to the court for its decision to remove the old naira notes from circulation. The current CBN governor Yemi Cardoso had announced that the old notes would be legal and that there wouldn’t be cash crunch as Nigerians witnessed last year.
The Supreme Court has now ruled that the December 31 deadline for legality of the notes is dismissed.
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