The Central Bank of Nigeria (CBN) has fixed a two-day Monetary Policy Committee (MPC) meeting for March 20 and 21, to review the Supreme Court ruling on the use of old N200, N500, and N1000 banknotes.
The deadline for the use of old banknotes has been extended by Supreme Court to December 31, 2023, citing the improper process adopted in the redesign policy introduced by the CBN in October 2022.
The meeting will be chaired by the CBN Governor, Godwin Emefiele, and will be attended by four Deputy Governors, two Board of Directors members, three members appointed by the President, and two members appointed by the Governor.
Also, the committee will discuss key policy issues like interest rates, exchange rates, and inflation, in addition to assessing the implications of the Supreme Court’s ruling on the economy.
The redesign policy was aimed at reducing counterfeiting and promoting cashless transactions, but it was opposed by state governors who challenged its implementation.
The ruling of Supreme Court effectively overruled the CBN and federal government’s ban on the use of old N500 and N1000 notes and extended the validity of N200 notes till December 31, 2023.
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