The Central Bank of Nigeria (CBN) says it has continued to replace old N200, N500, and N1000 notes with new notes.
It reaffirmed its commitment to gradually phase out the upper denomination of the naira notes during the Monetary Policy Committee meeting held at the CBN headquarters in Abuja.
The apex Bank’s acting governor of the apex bank, Folashodun Shonubi made the disclosure while speaking at the event on Tuesday.
He explained that the
CBN was commitment to addressing the pressure on foreign exchange (forex) and has taken decisive action by raising the lending rate.
He clarified that the old notes will be gradually replaced over time and that the process will be a smooth transition as commercial banks can request new currency, and the old notes will be exchanged for the new ones.
According to the Acting CBN Chairman, the replacement process will be carried out without any fanfare, allowing Nigerians to witness the gradual shift in the currency landscape.
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.”
Recall that in October 2022, Godwin Emefiele, the former CBN governor, unveiled plans to redesign the N200, N500, and N1,000 naira notes.
As part of the initiative, he called on Nigerians to deposit their old notes before January 31, 2023, as they would cease to be legal tender after that date.
However, later on, the CBN had disclosed that the former president, Muhammadu Buhari, had approved an extension of the deadline for the demonetisation of the old notes.
However, in March 2023, the Supreme Court had invalidated the central bank’s naira conversion policy, ruling that the old N200, N500, and N1000 notes would remain legal tender until December 31, 2023.
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