HeadlineOld N200, N500, N1000 Banknotes Remain Legal Tender – Supreme Court Cancels...

Old N200, N500, N1000 Banknotes Remain Legal Tender – Supreme Court Cancels Dec. 31 Deadline

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November 29, (THEWILL) – The Supreme Court, on Wednesday, said the old N200, N500 and N1,000 redesigned banknotes remain valid legal tenders in Nigeria beyond December 31.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

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THEWILL reports that the ruling followed hearing in an application moved on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).

The apex court had on March 3, 2023, fixed a December 31, 2023 deadline for the use of the old N200, N500, and N1000 banknotes.

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