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Supreme Court Nullifies Dec. 31 Deadline, Affirms Legality of Old N200, N500, N1000 Banknotes as Legal Tender


Supreme Court Nullifies Dec. 31 Deadline, Affirms Legality of Old N200, N500, N1000 Banknotes as Legal Tender

On Wednesday, the Supreme Court declared that the redesigned old N200, N500, and N1,000 banknotes will continue as valid legal tender in Nigeria, extending their usability beyond December 31.

A seven-man panel, led by Justice Inyang Okoro, ruled in favor of keeping these banknotes in circulation until the Federal Government, in consultation with relevant stakeholders, decides on a definitive course of action.

This decision came following an application presented on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN). The apex court had initially set a December 31, 2023 deadline for the use of these old banknotes on March 3, 2023.


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