The Central Bank of Nigeria (CBN) has refuted reports claiming that old series N200, N500, and N1,000 banknotes will be withdrawn as legal tender by December 31, 2024. In a statement issued on Thursday by Acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that the Supreme Court’s ruling on November 29, 2023, to […]
The Supreme Court in Abuja made a significant ruling affirming the continued legality of the old N200, N500, and N1,000 notes until proper measures are established for their replacement. A seven-member panel, led by Justice John Okoro, issued the declaration while considering a motion brought forward by the Federal Government. The Attorney General of the […]
With only 40 days left in the year, the Federal Government has petitioned the Supreme Court for an extension on the circulation of old Naira notes beyond the December 31 deadline. Citing economic challenges hindering the printing of sufficient new notes, the government fears a crisis if the old notes are phased out by the […]
The Central Bank of Nigeria (CBN) has decided to extend the legal tender status of old N200, N500, and N1000 notes indefinitely. The initial deadline of December 31, 2023, has been removed. In a statement on Tuesday, Dr. Isa AbdulMumin, the Director of Corporate Communications, revealed that the CBN is working to overturn existing court […]
