CBN during a meeting with state governors revealed that the old notes have been burnt- Michael

Recently, the Supreme Court of Nigeria made a ruling that the old Naira notes should be accepted as legal tender in the country until December 31, 2023. However, the Nigerian President, Muhammadu Buhari, has not addressed the matter, and the Central Bank Governor, Godwin Emefiele, has also refrained from speaking on it. In a report by the Daily Trust Newspaper, a correspondent and editor who covers monetary policy at the CBN, Sunday Michael, disclosed that the CBN burned some old Naira notes collected from Nigerians a few weeks ago.

Michael expressed uncertainty about whether the CBN still has old notes to give to Nigerians if ordered to do so by Emefiele because the CBN claimed to have already burned the previously collected notes.

Michael stated that although the Supreme Court issued a ruling, the CBN has operational authority, and the ruling did not direct the CBN to reintroduce old notes into the system, but rather only extended the deadline for their use.

Therefore, despite the Supreme Court's ruling, the CBN has not taken any steps to reintroduce the old Naira notes into circulation. Michael's report reveals that the CBN has burned some of the old notes, and it is uncertain whether the CBN has enough old notes to fulfill the demand if needed.

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