Nigeria removes deadline for old notes submission

The Nigeria Supreme Court has ruled that the old naira notes will remain legal tender in the country until further notice. 

ICYMI: In October 2022, former CBN Governor, Godwin Emefiele, announced the apex banks’ plan to redesign and circulate a new series of three banknotes—₦200, ₦500 and ₦1,000—and gave the country three months to submit old banknotes. The short notice triggered a cash scarcity that crippled its economy.

However, in March 2023, the Supreme Court ruled that the CBN didn’t provide adequate notice to the public and ordered that the old version of the notes remain as legal tender alongside the new notes until December 31, 2023. Ten days later, the CBN discontinued its naira redesign policy. Despite the governor’s reassurances about sufficient cash availability, the country still experienced a challenging shortage of cash.

As the deadline drew closer, the federal government filed for an extension to the December 31 deadline a few days back, citing concerns about a potential economic crisis if the old notes were demonetised.

Now, the apex court has ruled today that the notes will remain legal tender and be accepted for transactions until further notice, cancelling the December 2023 deadline.