Supreme Court extends lifespan of old naira notes indefinitely
The Supreme Court, on Wednesday, approved the request by the Federal Government to extend the validity period old 200, 500 and 1000 naira notes indefinitely.
The court, in its ruling on Wednesday, ordered that the old notes continue to be recognized as legal tender until the required infrastructure is established for their replacement.
The old notes were phased out by the Central Bank of Nigeria (CBN) under its former governor, Goodwin Emefiele.
It took the intervention of the Supreme Court through a suit instituted by some states in the country, insisting that the naira redesign policy of the CBN had brought untold hardship on Nigerians and hurting the economy.
Supreme Court extends lifespan of old naira notes indefinitely
The Supreme Court, on Wednesday, approved the request by the Federal Government to extend the validity period old 200, 500 and 1000 naira notes indefinitely.
The court, in its ruling on Wednesday, ordered that the old notes continue to be recognized as legal tender until the required infrastructure is established for their replacement.
The old notes were phased out by the Central Bank of Nigeria (CBN) under its former governor, Goodwin Emefiele.
It took the intervention of the Supreme Court through a suit instituted by some states in the country, insisting that the naira redesign policy of the CBN had brought untold hardship on Nigerians and hurting the economy.
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