During the 2023 currency crisis the Nigerian Supreme Court ordered the Central Bank of Nigeria to continue accepting the first edition of the banknotes of 200 naira (NGN200.1), 500 naira (NGN500.1) and 1,000 naira (NGN1,000.1) until the end of 2024. 

It was expected that the Central Bank would supply the commercial banks with new notes, and that commercial banks would stop reissuing old notes.  Things did not go that way, because large amounts of old notes are still in circulation, with only little more than two months to their demise.

The House of Representatives has called on the Central Bank of Nigeria to begin the gradual withdrawal of the old notes ahead of the end of the year deadline.

Source: Vanguard, Nigeria.

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