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Business News of Monday, 6 March 2023


CBN says no information on S'Court ruling regarding old naira notes

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The Central Bank of Nigeria (CBN) has yet to make an official statement regarding the Supreme Court's judgment extending the validity of old N200, N500, and N1,000 notes.

The Supreme Court of Nigeria ruled that the old N200, N500, and N1000 notes will remain legal tender until December 31, 2021, and Nigerians are allowed to continue using them for transactions until then.

However, despite reactions from Governors insisting on obedience to the court's judgment, both the CBN and federal government are yet to make an official statement.

The CBN's lack of clarity on the matter has left many people uncertain about how to proceed. reported that 24 hours after court rulings, filling stations, and traders have continued to reject the old naira notes.

The Nation quoted an official from the CBN's communications department revealing that they have not been informed of any new developments on the Supreme Court's judgement.

When questioned about when the CBN would start releasing cash to banks, the official replied that they did not have any information. has also attempted to speak to the acting Isa Abdulmumin as its acting director of the Corporate Communications Department but was unsuccessful. The supreme court judgement