Old naira notes remains legal tender – CBN
The central bank of Nigeria through it’s Ag.Director corporate communication, Mr. Isa AbdulMumin made known through it’s official social media handles that all old currencies continue to be legal tender within the country.
This has come just few days after the Supreme court ordered the CBN to lift the ban on the old currency notes and rather extend it up till towards the end of the year.
The Supreme court on the 3rd of March 2023 issued the declaration and maintained that the transition from the old notes to the new notes should happen gradually so as to reduced it’s adverse effects on the common man. The deadline was moved to December of 2023
This declaration is said to be induced by both external and internal pressure. Since the citizens, of late has expressed fraustration over the recent policy of the CBN and how it planned to implement it.
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This fraustrations expressed by the people moved the government of some states of the country to file a case against the CBN to the supreme court. These states include Kaduna state government, Kano state government, Kogi state government and Zamfara state government. Although along the line some other states such as Niger, Ondo and Ekiti were said to join in the suit as well.
Recall that on the 5th of February, 2023 the CBN declared that the old N1000, N500 and N200 notes has ceized to be legal tender within the country. A deadline which caught many Nigerians “unawares” but was still stuck with by the commercial banks nationwide.
It was after the visible hardship Nigerians were subjected to, especially the common Citizens operating small and medium businesses became unbearable, that the President Muhammadu Buhari lifted the ban for N200 notes but sustaining it for N500 and N1000.
Although Buhari is yet to speak on the court order at the moment, the CBN has already moved to obey and start working towards it.
Old naira notes remains legal tender – CBN
