Naira Redesign: Cash Shortage Persists Despite Supreme Court Ruling

The Central Bank of Nigeria has reaffirmed the Supreme Court's decision from December 29, 2023, which upheld its policy on withdrawn cash. The ruling maintains that old N1,000 and N500 notes will no longer be accepted as legal tender after their expiration dates.

The Central Bank of Nigeria has reaffirmed its stance on the scarcity of cash following a recent Supreme Court ruling. The court's decision on December 29, 2023, reinforced existing regulations regarding the circulation of old naira notes in Nigeria. As a result, the bank reiterates its efforts to manage cash flow and minimize disruptions to economic activity. The measures aim to maintain financial stability while addressing the ongoing issue of currency scarcity.