In a ruling on Wednesday morning, a panel of the apex court ordered that the old notes remain legal tender until necessary facilities
are put in place for their replacement.
The Supreme Court maintained that the old and new notes should remain as legal tender beyond December 31. until the federal government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.
The apex court had, on March 3, restrained the Central Bank of Nigeria from giving effect to the deadline on the use of old notes.
However, the CBN, on November 14, extended the validity of the old N200, N500, and N1,000 notes indefinitely.
Economic Confidential reports that the CBN introduced the redesigned N200, N500, and N1.000 denominations in October 2022, and certain deadlines were set for the old design of these denominations to cease as legal tenders.
