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CBN makes U-turn, old Naira notes to remain in circulation

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CBN makes U-turn, old Naira notes to remain in circulation

The Central Bank of Nigeria (CBN) has recently clarified that the old Naira notes of N200, N500, and N1000 will remain legal tender beyond December 31, 2023.

The statement is an update on a previous CBN announcement made in March, which had outlined a plan to gradually phase out the affected banknotes after a Supreme Court verdict.

There had been a cash crunch following former CBN governor Godwin Emefiele’s directive urging citizens to deposit their old notes before January 31, 2023, after which they would no longer have legal tender.

READ ALSO: Supreme Court declares old naira notes legal tender till Dec 31

The announcement had resulted in protests and bank attacks across the country, with many suffering untold hardship.

However, a top CBN official has now assured citizens that they can spend their old notes without fear, as they remain legal tender.

The official also confirmed that the phasing out of old notes will be gradual and won’t be rushed, so as not to cause further pain for the public.

He said: “They are all legal tender. Nigerians should continue to spend them. There is no need to exercise fear about the deadline.

“We won’t want Nigerians to undergo similar pain as they experienced earlier this year. The phasing out of the old notes will be gradual. It won’t be rushed”.

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