Supreme Court’s Decree on Naira Notes
In a recent announcement, the Supreme Court declared that both old and new Naira notes would continue to coexist as legal tender until further notice.
This decision marks an extension of the previously set date for the phase-out of old Naira notes, which had been extended to December 31, 2023, by the apex court in March 2023.
Extension Request by the Federal Government
In a further development, the federal government sought an extension of the timeframe during which old Naira notes could be used.
The request was made to the Supreme Court on November 21, emphasizing the need for additional time before fully transitioning to the new currency.
Central Bank’s Assurance on Legal Cash
Addressing the situation, the Central Bank of Nigeria (CBN) recently stated that both old and new Naira banknotes would be accepted as legal cash.
This assurance provides clarity and ensures that individuals and businesses can continue to transact using both versions of the currency without disruption.
Continued Acceptance of Old Naira Notes
The coexistence of old and new Naira notes as legal tender aligns with the Supreme Court’s decision and the federal government’s recognition of the need for a gradual transition.
This arrangement aims to prevent any abrupt disruptions in the financial landscape and allows for a smoother adaptation to the new currency over an extended period.
Impact on Financial Transactions
The Supreme Court’s decree and the federal government’s request acknowledgment signify a practical approach to currency transition.
The extension acknowledges the practical challenges and ensures that individuals and businesses can adapt at their own pace, fostering a seamless financial environment during this transitional period.