Nigeria: Central bank says old naira notes still legal tender

Source: Al Jazeera [Qatar state media]

“Nigeria’s central bank will allow old bank notes to continue as legal tender until the end of the year to comply with a court order earlier this month, according to a statement late on Monday, raising hopes this would ease acute cash shortages in the economy. On March 3, the Supreme Court ordered the Central Bank of Nigeria (CBN) to extend the use of old 1,000 ($2.17), 500, and 200 naira notes until December 31. The initial withdrawal of the notes from circulation became an election issue after causing widespread hardship and anger.” (03/14/23)