The Central Bank of Nigeria has been directed by the Supreme Court to allow the circulation of both the old and redesigned N200, N500, and N1,000 notes until further notice. This directive overturns the initial plan to withdraw these old notes from circulation by December 31.
The apex bank conveyed this decision through its acting Director of Corporate Communications, Ali Sidi Hakama, in response to the Supreme Court’s ruling on Wednesday. The court lifted the December 31 deadline for withdrawing the older N200, N500, and N1,000 notes, following an application by the Federal Government through the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).
Previously, the CBN, led by former governor Godwin Emefiele, had sought to withdraw these older notes from circulation in February of the current year. However, the Supreme Court deemed this move as rushed and ordered the continuation of the old notes’ circulation until the end of the year.
Under the leadership of the new CBN governor, Yemi Cardoso, the bank expressed its decision not to proceed with the withdrawal of the old notes. Consequently, the Federal Government approached the apex court seeking a review of the March 3 order.
In a unanimous ruling, a seven-man panel led by Justice Inyang Okoro granted the government’s prayers. Justice Okoro declared that the older versions of the N200, N500, and N1,000 notes would remain legal tender alongside the redesigned versions until the government concludes consultations with stakeholders and establishes necessary structures for their withdrawal.
The CBN, in response to the court’s decision, instructed banks to continue accepting and issuing both old and redesigned notes. It emphasized the need for careful handling of currency and encouraged the public to explore alternative payment methods to ease reliance on physical cash.
This development marks the second time the Supreme Court has extended the lifespan of the old Nigerian banknotes, following its earlier criticism of the timing and implementation of the Naira redesign policy under former President Muhammadu Buhari’s administration.
