In light of the current economic realities, the policy advisory council of President Bola Tinubu has asked the federal government to extend the validity of the old naira notes to December 31, 2024.
the plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flows.deadline for the validity of the old notes was fixed for January 31, 2023.But this was later extended to February 10 amid a nationwide outburst in protest of what was described as poor implementation of the policy.the naira redesign policy introduced by the apex bank as citizens’ angst spread across the country.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.nstructing commercial banks, in a statement, that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.
“Accordingly, the CBN met with the bankers’ committee and has directed that the old N200, N500, and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.”During his presidential campaign, Tinubu explained that he had nothing against the naira redesign policy “in principle”.
In his inaugural speech on May 29, 2023, the president promised to revisit the demonetisation policy of the CBN.“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians,” Tinubu had said. “The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
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