Old Naira Notes Remain Legal Tender, Supreme Court Rules

Nigeria's Treasury Bills Surpass N6.6trn In 2023 Amid Economic Headwinds

The Supreme Court has ruled that the old N1,000, N500, and N200 notes remain legal tender until December 31.

The seven-man panel of justices of the apex court gave the ruling at its sitting on Friday in a suit brought by 17 states against the Federal Government regarding the implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).

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According to one of the Justices, Justice Akomaye Agim, the directive on the withdrawal limit is an infringement of people’s rights.

“I am not aware of any law which empowers a bank to withhold a customer’s money and refused to give him/her.

The court also set aside the cash withdrawal limit directive given to commercial banks by the CBN.

Victor Ezeja

Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.

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