The Central Bank of Nigeria (CBN) has restated its commitment to gradually replace the old N200, N500, and N1,000 naira notes with new currencies.
The former CBN governor had unveiled plans for the redesign of these notes and set a deadline for depositing old notes, but the Supreme Court later ruled to extend the legal tender status of the old notes until December 31, 2023.
During the recent Monetary Policy Committee meeting, the acting governor, Folashodun Shonubi, explained that the old notes would be exchanged for new ones over time as commercial banks request new currency, ensuring a smooth transition.
Opinion: The CBN’s approach to gradually replace old currency notes is a sensible and practical way to manage the transition without causing disruptions to the financial system. The phased-out process will allow for a seamless replacement and minimize the impact on the public’s daily transactions.