The Central Bank of Nigeria (CBN) has assured that the old N200, N500, and N1,000 naira notes would be phased out gradually while issuing new currencies.
ASHENEWS recalls that the suspended apex bank governor, Godwin Emefiele unveiled the three denominations of the Naira in October 2022, with the old notes’ legal tender billed to end by January 31, 2023.
Following public outcries, former president, Muhammadu Buhari, approved an extension of the deadline for the demonetisation of the old notes.
But in March 2023, the Supreme Court ruled against the Naira redesign policy while holding further ordering that the N200, N500, and N1,000 notes would remain legal tender until December 31, 2023.
However, the acting governor of the CBN, Folashodun Shonubi, during the bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, clarified that the old notes would gradually be replaced over time.
“When a currency is printed and sent out, it is expected to go through a number of cycles and be replaced over time. That’s what we’re doing. We are slowly and over time replacing the old notes with new ones,” he said.
The CBN’s approach is focused on maintaining an optimal level of currency circulation, ensuring a seamless replacement process without causing disruptions to the financial system.
Shonubi emphasised that the transition from old to new notes would be carried out without fanfare, allowing Nigerians to witness the gradual shift in the currency landscape.
As the CBN continues its efforts to introduce new currency while phasing out the old notes, stakeholders are closely monitoring the developments in Nigeria’s monetary system.
