We will phase out old naira notes gradually – CBN

We will phase out old naira notes gradually – CBN 

The Central Bank of Nigeria (CBN) says it will gradually phase out the old N200, N500, and N1,000 notes.

It said new notes replacing the old notes are currently being issued.

This was disclosed in Abuja on Tuesday by the acting Governor of the apex bank, Folashodun Shonubi, after the monetary policy committee (MPC) meeting.

Former CBN governor, Godwin Emefiele, in October 2022, announced plans to redesign the N200, N500, and N1,000 naira bills.

He had asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

• READ ALSO:

• Again, gunmen kill 2 policemen, cart away guns in Abia

• Emefiele: Tell us the truth, stop embarrassing yourselves-  Ezekwesili slams DSS

• It costs $1.1 million to train a doctor in America, less than $15,000 in Nigeria – Reno Omokri

But 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.

Giving an update on the matter on Tuesday, Shonubi said the old notes would “slowly, and overtime be replaced”.

He said the old notes were being exchanged for the new ones whenever it was requested by the commercial banks.

“When a currency is printed and sent out. It is expected that it will go through a number of cycles, and then over time, will become one and then be replaced. That’s what we’re doing,” Shonubi said.

He added, “We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing out and replacing them with the new notes.

“So, we will slowly, and over time, you will see the old notes replaced out of the system with the new notes that will be the norm.”