Nigeria’s central bank says old naira notes still legal tender

Money shortages have plagued Africa’s largest economic system for the reason that starting of the yr, resulting from a CBN directive.

Nigeria’s central financial institution will permit outdated financial institution notes to proceed as authorized tender till the tip of the yr to adjust to a courtroom order earlier this month, in line with a press release late on Monday, elevating hopes this is able to ease acute money shortages within the economic system.

On March 3, the Supreme Courtroom ordered the Central Financial institution of Nigeria (CBN) to increase using outdated 1,000 ($2.17), 500, and 200 naira notes till December 31. The preliminary withdrawal of the notes from circulation turned an election subject after inflicting widespread hardship and anger.

CBN stated it was complying with the legislation and that the outdated notes would flow into with new ones of equal worth. Earlier, on Monday night, a press release from the Nigerian presidency stated President Muhammadu Buhari didn’t urge the CBN to not obey the courtroom order.

“The CBN has no motive to not adjust to courtroom orders on the excuse of ready for directives from the President,” it stated.

In a rustic the place most individuals depend on money for the whole lot from shopping for meals from markets to taxi fares, the shortages of naira notes have riled residents, just a few of whom have attacked banks and burned cash-dispensing machines.