Naira Redesign

Nigeria’s central bank capitulates amidst state governors’ threats

By Ben Ezeamalu

Posted on Tuesday, 14 March 2023 17:28
A vendor shows old and newly introduced Nigerian Naira banknotes in a market in Lagos on February 16, 2023. - Nigeria has been struggling with a shortage in physical cash since the Central Bank of Nigeria (CBN) began to swap old bills of the local naira currency for new, re-designed ones, leading to a shortfall in banknotes. (Photo by Michele Spatari / AFP)

The Central Bank of Nigeria finally caved in to pressure Monday night, 10 days after the country's Supreme Court ordered the reversal of a controversial Naira Design Policy that had ignited severe cash scarcity in Africa's largest economy. 

In a statement, the CBN directed lenders to comply with the court’s 3 March ruling ordering the federal government to allow the N200 ($0.43), N500 ($1.09), and N1000 ($2.17) banknotes to remain legal tender until 31 December.

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