The Central Bank of Nigeria (CBN) has stated that the recirculation of old 500 and 1000 naira notes was not approved.
On Wednesday, several reports claimed that the apex bank had approved the recirculation of old naira notes until December 31, 2023.
However, CBN Acting Director of Corporate Communications Isa Abdulmumim called the report “fake news” on Wednesday.
He also urged Nigerians to disregard it and avoid “fake news” sources.
Breaking: Supreme Court Extends Old Naira Notes Validity to December 2023
According to Daily Report Nigeria, the Supreme Court ruled unanimously on Friday that the old banknotes should be used until the end of the year in a unanimous decision by a seven-member panel of justices.
According to Ayodeji Ebo, managing director/chief business officer at Optimus by Afrinvest:
“I think this is positive for the economy and gives the CBN more time for the implementation of the new policy. Small businesses will benefit as well. We will be waiting for the Central Bank of Nigeria’s response to the Supreme Court’s decision on this matter.”
Uche Uwaleke, a professor of capital markets at Nasarawa State University Keffi, also advised the CBN to follow the ruling of the country’s highest court.
According to him, doing so would help to revive economic activity and alleviate the current difficulties that Nigerians are facing as a result of the policy.
In regard to the objectives that it set out to achieve, CBN has made some progress. The reduction of large sums of cash circulating outside of commercial banks, the increase in electronic transactions, and the increase in financial inclusion are among the accomplishments so far.”
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