The Supreme Court judgement mandating the use of old N,1000 and N500 notes as legal tender till December 31, 2023, has finally been adhered to by the Central Bank of Nigeria Governor, Godwin Emefiele, as he has officially ordered commercial banks to comply with the court verdict.
He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the year.
Emefiele said the decision followed a meeting with the Bankers Committee which was held on Sunday.
The development has put an end to the confusion over the legality of the old naira notes.
However, The action is also expected to ameliorate the suffering of Nigerians who have faced severe hardships over the scarcity of new naira notes amid the controversial ban on the old notes.
