The Supreme Court has ruled that the old N200, N500 and N1,000 notes will remain legal tender in Nigeria until December 31, 2023. Nigerians are now eagerly awaiting the Central Bank of Nigeria’s response to this ruling.
This decision has been welcomed by some, such as Ayodeji Ebo, managing director/chief business officer at Optimus by Afrinvest, who believes it is positive for the economy and small businesses. However, others, including Tope Fasua, CEO of Global Analytics Consulting Limited, have criticized the implementation of the policy, stating that it has caused difficulties for Nigerians and disrupted economic activities.
The Centre for the Promotion of Private Enterprise (CPPE) has also praised the ruling, describing the naira redesign policy as “a needless disruption of economic activities.”
Traders who have been forced to deposit their old notes have expressed mixed feelings, with some relieved that the old notes will still be legal tender, while others are concerned about the availability of old notes for recirculation.
The CBN has yet to release a statement on this matter.
