File Photo of Nigeria Currency (Naira).
The Central Bank of Nigeria (CBN) has made it clear that the old 200, 500, and 1000 naira banknotes will remain accepted as legal currency past December 31, 2023.
An unnamed high-ranking official provided assurance to Nigerians that both old and new banknotes would retain their status as legally accepted currency.
“They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline,” he said.
The official from the CBN stressed that the gradual elimination of the old notes would be carried out in a manner that avoids imposing extra difficulties on the public.
The official assured: “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.”
In October 2022, it was reported that the former CBN governor, Godwin Emefiele, had unveiled plans for the redesign of the N200, N500, and N1,000 notes.
Following this announcement, citizens were instructed to deposit their old notes before January 31, 2023, as they would no longer be considered legal tender after that date.
However, this directive resulted in a cash shortage in February, causing difficulties for the people and leading to protests and attacks on banks in some regions of the country. With only 2 months left until the December deadline set by the Supreme Court, there are concerns that a similar situation may occur again.