Naira redesign: Obaseki reverses course and implores Edo locals to accept the previous N500 and N1,000 notes

Following the Supreme Court’s ruling that the old N500 and N1000 notes remain legal tender until December 31, 2023, Edo State Governor Godwin Obaseki has urged residents of the state to accept the old notes.

One of the state governments that joined the federal government in asking the Supreme Court to overturn the Central Bank of Nigeria’s February 10 deadline for outdated naira notes in a case against Kaduna and a few other state governments is the Edo State Government (CBN).

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Obaseki, however, stated that in order to promote trade and stimulate economic activity, the old notes should be accepted alongside the new ones in a statement released on Thursday by the Commissioner for Media and Orientation, Chris Nehikhare.

“Now that the Supreme Court has rendered its decision, the debate regarding the circulation of the notes is over, and the public is invited to accept and use the notes for trade.

He added, “We are also investigating alternative forms of transaction, such as electronic transfers, among others, as all issues of cash availability are addressed by the pertinent government agencies.”