• Business - Banking & Finance
  • Updated: February 15, 2023

Old Naira Notes Validity: FG Reveals Time For Decision

Old Naira Notes Validity: FG Reveals Time For Decision

Following the recent Supreme Court ruling on the stay of execution of the old Naira phase-out policy, the Federal Government has stated that it will take a decision on the legality of the old currency notes of N200, N500, and N1,000 after the determination of the suit filed by some state governments at the nation’s apex court. 

Three states, Kogi, Kaduna, and Zamfara, had recently dragged the federal government to the Supreme Court asking that the February 10 deadline by the Central Bank of Nigeria (CBN) should be extended. 

The court had fixed February 15 to determine the suit.

However, it was reported that CBN has insisted that the February 10 deadline is sacrosanct. 

Some Nigerians have accused the Federal Government and the CBN of contempt of court and are insensitive to the hardship many Nigerians are passing through as a result of the scarcity of cash. 

But the Federal Government said that decision will only be taken after the determination of the suit in the Supreme Court. 
Commenting on the position of the government, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said: “We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria has taken preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court. 

“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow," Garba Shehu said. 

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