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The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country. The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday. This is coming hours after
The Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023. The apex court also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution. justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants
The Central Bank of Nigeria has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It however pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were still no more legal tender. A source from the bank said the