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World Business Report: First broadcast 03/03/2023 15:32 GMT : Nigeria: old bank notes to remain legal tender until end of the year

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Nigeria: old bank notes to remain legal tender until end of the year

First broadcast 03/03/2023 15:32 GMT 

First broadcast 03/03/2023 15:32 GMT : Nigeria: old bank notes to remain legal tender until end of the year

BBC World Service - World Business Report, Nigeria: old bank notes to remain legal tender until end of the year

Old 1000, 500 and 200 naira notes will remain legal tender until 31 December, 2023.

Nigeria's Supreme Court has ruled that old banknotes remain legal tender until the end of the year, bringing relief to millions affected by a chaotic redesign of the naira notes.

Nigeria's Supreme Court in a ruling Friday, said a presidential directive to discontinue the use of old naira notes following a redesign was illegal. The court said the old banknotes should continue to be legal tender, alongside new versions, until the end of this year.

Not enough of the new notes were released, leading to widespread anger and frustration.

Many people were unable to get cash to pay for food and slept outside banks.

(Picture:  Young man Holding and Counting Nigeria 1000 Naira Note Currency Outdoor in Nigeria. Picture Credit: Getty Images)

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First broadcast 03/03/2023 15:32 GMT : Nigeria: old bank notes to remain legal tender until end of the year

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