The Presidency has stated that because the Supreme Court would hear the case ,neither the Federal Government nor the Central Bank of Nigeria have taken a position on the continued use of the old N200, N500, and N1,000 notes as lawful cash.
Garba Shehu, the Senior Special Assistant to the President for Media and Publicity, stated that following the outcome of the suit, the FG would announce its position on the new naira policy.
In light of the ongoing Supreme Court dispute, the CBN has taken preventive measures regarding the legitimacy of cash as legal tender. “The government’s and the CBN’s position will be made clear following tomorrow’s court decision on the lawsuit,”
The bank has instructed people to trade in their old N200, N500, and N1,000 banknotes for newly created versions of the identical notes.