After Presidential Rebuke, Nigeria's Central Bank Says Demonetized Naira Banknotes Still Legal Tender
The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 bank notes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira bank notes , followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. Central Bank’s Silence and the Resulting Speculation The Central Bank of Nigeria finally issued a statement on March 13 reaffirming a Supreme Court ruling which extended the lifespan of the recently demonetized naira notes . In the statement, the CBN said the ₦200, ₦500 and ₦1,000 bank notes would “remain legal tender alongside the redesigned bank notes till December 31, 2023.” After the Nigerian Supreme Court ruled against the central bank’s decision to demonetize the old naira bank notes , the CBN initially did not issue a statement directing banks and the public to accept the old notes . CBN Governor Godwin Emefi...