The Central Bank of Nigeria (CBN) recently declared that old naira notes—N200, N500, and N1,000—will indefinitely remain legal tender, addressing ongoing naira scarcity. This decision aligns with global banking practices, aiming to prevent past incidents of currency shortage. Nigerians are urged to accept both old and redesigned notes in daily transactions. Source.
Despite previous assurances of adequate naira availability, widespread withdrawal and apprehension about currency insufficiency persisted. The introduction of new notes in late 2022 led to significant scarcity and unrest, prompting the Supreme Court’s intervention. Under new CBN Governor Yemi Cardoso, both note designs will continue as legal tender indefinitely, reflecting a shift towards stability.
What are your thoughts on this indefinite extension of the naira’s legal tender status?
This is a good development. All those hodding cash in the Xmas season, shame on you