On Wednesday, the Supreme Court ruled that the older Naira notes of N200, N500, and N1,000 will continue alongside the new ones until further notice. The court emphasized that both old and new notes will remain legal tender past December 31, awaiting the Federal Government's process for replacement or redesign after consultation with stakeholders.
The Central Bank of Nigeria was initially restrained from enforcing the deadline on March 3, and despite a November 14 extension, the old notes' validity is now indefinite. The redesigned N200, N500, and N1,000 denominations were introduced in October 2022, with initial deadlines for ceasing as legal tenders.
