The house of Representatives says the deadline for the old naira notes to cease being legal tender is December 31, 2024.
A bundle of naira notessays the deadline for old naira notes to cease being legal tender is December 31, 2024.
The resolution of the house contradicts the judgment of the supreme court and the position of the CBN.In October 2022, the CBN under Godwin Emefiele, the former governor, redesigned the N200, N500 and N1,000 notes.The deadline for using the old notes as legal tender was January 31, 2023, but it was further extended to February 10.
They supreme court faulted the apex bank’s policy, saying the timing and implementation were defective.The policy caused severe hardship, leading to cash scarcity and protests across the country.the old naira notes remain legal tender and will be used indefinitely. He said CBN is still “comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing only the new notes”.The motion was unanimously adopted without debate when it was put to a voice vote by Benjamin Kalu, the deputy speaker, who presided over plenary.
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