1 year ago
The Supreme Court of Nigeria has again extended the lifespan of the N1000, N500, and N200 naira notes. The Central Bank of Nigeria (CBN) besides reiterated that each banknotes, including the antecedently demonetized naira, stay ineligible tender “ad infinitum, adjacent beyond the archetypal 31 December 2023, deadline”
Demonetization Deadline Extended Again
The Supreme Court of Nigeria has reportedly granted the Federal Government’s petition to widen the lifespan of the N1000, N500, and N200 naira notes for the 2nd time. With the erstwhile deadline of December 31, 2023, acceptable by the aforesaid tribunal nearing, the Nigerian authorities was forced to question an hold of the validity of the notes.
Before the latest ruling, the Supreme Court had antecedently invalidated a demonetization directive issued by then-President Muhammadu Buhari. At the time, the tribunal blasted the Buhari authorities and past Central Bank of Nigeria (CBN) politician Godwin Emefiele for proceeding with the process without seeking the public’s views.
As reported by Bitcoin.com News, the CBN’s arguable aged naira banknote demonetization was initially acceptable to beryllium completed by the extremity of 2022. However, galore Nigerians were incapable to instrumentality the aged banknotes earlier the deadline and this yet forced the cardinal slope to determination the cut-off day. Despite the deadline extensions, the currency shortages persisted.
To ameliorate Nigerians’ woes, galore Nigerian authorities governors sued the national authorities and urged the Supreme Court to reverse the monetary policy.
Consulting the Public
The Supreme Court sheet led by John Okoro reportedly directed that the aged naira banknotes should stay ineligible tender until they are replaced with the redesigned notes. This determination means the aged notes volition co-exist arsenic ineligible tender with the redesigned ones.
Explaining the reasoning down the judgment, Okoro said:
“The aged versions of 200, 500, 1000 naira notes/currency shall proceed to beryllium ineligible tenders alongside the caller oregon designed versions until the authorities decides to bring the circulation of the aged versions to an extremity aft it consults with captious stakeholders and aft putting each required structures successful place.”
Just weeks earlier the Supreme Court made its latest ruling, the Central Bank of Nigeria (CBN), which is present led by Olayemi Michael Cardoso, reiterated that each banknotes including the antecedently demonetized naira, stay ineligible tender “ad infinitum, adjacent beyond the archetypal 31 December 2023, deadline.”
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