In a recent announcement on Tuesday, the Central Bank of Nigeria (CBN) has confirmed its plans to gradually phase out the old N200, N500, and N1,000 naira notes.
The Acting Governor of the CBN, Folashodun Shonubi, revealed these details following a monetary policy committee meeting at the CBN headquarters in Abuja.
The initiative to redesign these currency bi.lls was first announced back in October 2022 by the former CBN Governor, Godwin Emefiele. At that time, Nigerians were urged to deposit their old notes before they became invalid on January 31, 2023.
However, this policy faced a significant setback when in March 2023, the Supreme Court overturned the naira redesign plan, ruling that the old notes would remain legal tender until December 31, 2023.
Now, with the recent confirmation from Acting Governor Shonubi, it has been clarified that the process of replacing the old notes is ongoing but will be gradual.
The old notes are being exchanged for new ones upon request by commercial banks.
Shonubi explained, “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 worn and need replacement. That’s what we’re doing.”
The replacement of old notes with new ones is an ongoing practice, with the CBN receiving the old notes from commercial banks, processing them, and ensuring they are no longer issuable. Subsequently, new notes are being introduced to replace the old ones in circulation.
Shonubi emphasized that the CBN aims to maintain an optimal level of currency in circulation, and the replacement process is done to keep the currency supply at an appropriate level.
He added, “This will be out of practice, not fanfare, you’ll just see it slowly morph from old to new.”
As the CBN continues this gradual replacement process, citizens are encouraged to cooperate with the guidelines and exchange their old notes for the new ones as they become available.
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