March 31, 2023

Local sources have reported that Nigerian financial institutions are now following a Supreme Court decision that invalidated the Central Bank of Nigeria’s (CBN) demonetization of the 1,000, 500, and 100-naira banknotes. The court has ruled that Nigerian residents can continue to use the demonetized banknotes until the end of the year.

Following the court’s decision, Nigerian financial institutions such as Guaranty Trust Holding Co. Plc and Sterling Bank Plc have reportedly started dispensing the recently demonetized banknotes. This move comes just days after the Supreme Court ruled against the CBN’s naira redesign policy.

On March 3, 2023, the Nigerian Supreme Court criticized the outgoing Nigerian President for the CBN’s demonetization policy.

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