business

In a ruling issued on February 10th, the Supreme Court blocked the Central Bank of Nigeria (CBN) from phasing out the usage of older Nair

By Ann Chime

February 08, 2023

According to the News Agency of Nigeria (NAN), the Supreme Court issued an interim ruling on Wednesday preventing the central bank from discontinuing the usage of old naira notes as of February 10.

The three APC-governed states of Kaduna, Kogi, and Zamfara have petitioned the Supreme Court for the directive.

In October, the CBN of Nigeria revealed a new look for the N200, N500, and N1,000 bills.

CBN Governor Godwin Emefiele set the deadline for the old banknotes to be invalid on January 31.

However, Mr Emefiele postponed the deadline to February 10 in response to public pressure in the wake of the cash shortage. He also mentioned that even after the deadline, money deposit banks will accept outdated banknotes.

However, the dearth of fresh notes has continued despite the extended deadline.