Nigeria’s apex court, the Supreme Court has on Wednesday ruled that old and new notes must continue to co -exist as legal tender until further notice.
The Supreme Court had in March 2023, extended the deadline to phase out old Naira notes to December 31, 2023 after the federal government filed for an extension for the old naira note on November 21, 2023.
In its ruling today, the apex court ruled in Abuja that the notes will remain legal tender and be accepted for transaction until further notice.
The CBN had introduced the redesigned N200, N500 and N1.000 denominations in October 2022 with certain deadlines set for the old design of these denominations to cease as legal tenders.
