The Central Bank of Nigeria (CBN) has maintained that the the old N200, N500, and N1,000 naira notes are been phased out but gradually.
This acting governor of the apex bank, Folashodun Shonubi, made this known during the Monetary Policy Committee meeting held at the CBN headquarters in Abuja on Tuesday.
In October 2022, 9jayarn reported plans to redesign the N200, N500, and N1,000 naira bills by Godwin Godwin Emefiele, the now suspended CBN governor.
Emefiele directed Nigerians to hastily deposit their old notes before January 31, 2023, as the new notes will only be the legal tender after that date. However, after a court tussle, the former president, Muhammadu Buhari, had obliged to the apex court ruling extending the deadline for the demonetisation of the old notes to December 31, 2023.
Briefing further, Folashodun Shonubi noted the upon request by commercial banks for cash, the old notes are exchanged for the new ones, ensuring a seamless transition.
Shonubi captured in his words said that “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’s approched the policy in this way so s to maintain an optimal level of currency circulation, ensuring a hassle-free replacement process without causing disruptions to the financial system. Shonubi emphasised that the transition from old to new notes would be carried out without any show casing event, allowing Nigerians to witness the gradual transformation in the currency landscape and appreciate same.