The Central Bank of Nigeria (CBN) has reiterated its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies.
This announcement was made by the acting governor of the CBN, Folashodun Shonubi, during the Monetary Policy Committee meeting held at the headquarters of the apex bank in Abuja on Tuesday.
Shonubi clarified that the old notes would gradually be replaced over time.
“Whenever commercial banks request new currency, the old notes are exchanged for the new ones, ensuring a smooth transition,” Shonubi said.
“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.
“The CBN is taking steps to ensure that the replacement process of old notes with new ones is carried out smoothly without causing any disruptions to the financial system. The transition will be gradual, and Nigerians will be able to witness the shift in the currency landscape,” he assured.
PulseNets recalls that in October 2022, Godwin Emefiele, the former CBN governor, unveiled plans to redesign the N200, N500, and N1,000 naira bills.
The CBN had announced that old notes would no longer be accepted as legal tender after January 31, 2023, and urged Nigerians to deposit them before then.
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However, the CBN later revealled that former president Muhammadu Buhari, had authorised an extension of the deadline for the demonetization of the old notes.
Nevertheless, in March 2023, the Supreme Court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.
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