Old and new naira notes will coexist as legal tender until further notice, according to a ruling by the Supreme Court.
The timeframe for phase-out of old naira notes was extended by the Supreme Court in March 2023 to December 31, 2023.
The federal government applied to the Supreme Court on November 21 to prolong the validity of the old naira notes that were still in circulation.
The CBN introduced the redesigned N200, N500 and N1.000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.
