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Old Naira Will Not Be Phased Out In December - CBN Reveals

1 month ago   MARKET NEWS   Lagos   308 views Reference: 267

Location: Lagos

Can you remember when the Central Bank of Nigeria (CBN) said in March this year that some banknotes wouldn't be used after December 31st 2023?

The former CBN governor, Godwin Emefiele, said last October that they planned to change the design of N200, N500, and N1,000 notes. He asked people to deposit the old notes before January 31, 2023, as they wouldn't be accepted after that.

This caused a shortage of cash in February, making life difficult for many people, leading to protests and attacks on banks.

Now, some states are worried about the deadline, but a CBN official said both old and new notes are still okay to use. They want to assure Nigerians not to worry about the December 31st deadline. According to this official, the CBN plans to phase out the old notes slowly to avoid causing problems for people. So, there's no need to be scared; you can keep using the old banknotes.