Nigerian Central Bank Reverses Order, Allows Use of Old Banknotes

The Central Bank of Nigeria (CBN) says that old banknotes will remain legal tender until the end of 2023, as directed by the Supreme Court. Banks have also been directed to comply with the court's decision that allowed for old and new naira notes to run concurrently until December 31, 2023.

A January 31 deadline initially set for ending the legal tender status of the old Naira notes was extended to February 10, as the supply of the new notes fell far short of the volume needed by citizens to meet their most basic needs across the country.

President Muhammadu Buhari directed the central bank to release old 200 naira banknotes back into circulation, to run concurrently with the new ones until April 10, 2023. But the supreme court's judgement overruled this directive. The court issued an interim order suspending the implementation of the deadline set by the federal government and directed that the old and new Naira notes should continue to circulate pending the resolution of the case.

Long queues were witnessed at banking halls and cash machines with many unable to access the new banknotes. This led to protests in some parts of the country.