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Supreme Court Overturns CBN Monetary Policy, Fixes New Expiry Date

The Supreme Court overturned the Central Bank of Nigeria’s (CBN) ban on the use of old N200, N500, and N1000 banknotes as legal tender on Friday.

The Supreme Court, in a unanimous decision by a seven-member panel of Justices, ruled that the old banknotes should continue to be valid legal tender until December 31, 2018.

It was decided that the old Naira notes should be used alongside the new currencies.

Details later.

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