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Sunday, March 5, 2023

NEW NAIRA NOTES: WE HAVE NO INFORMATION ON THE SUPREME COURT RULING – CBN



The Central Bank of Nigeria (CBN) has declined to comment on the recent Supreme Court ruling that the old N200, N500, and N1,000 notes will remain legal tender until December 31. 


Despite the ruling, the CBN has not provided any official communication to its communications department on the matter, and officials are not aware of any new developments. 


Consequently, Deposit Money Banks (DMBs) cannot exceed the N20,000 withdrawal limit set by the CBN until further notice. 


However, the Supreme Court's ruling has put doubts in the minds of many Nigerians who prefer to save their money outside the banking system.


Nonetheless, a CBN official believes that the cashless policy, which has been in operation since 2012, has gained significant acceptance among Nigerians. 

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