Mr. Folashodun Shonubi, Acting Governor of the Central Bank of Nigeria (CBN), says plans to gradually phase out the old N200, N500, and N1,000 naira notes are still ongoing.
He made the statement after the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja.
According to Mr Shonubi, the old notes are being exchanged for the new ones whenever it is requested by commercial banks.
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Recall that in October 2022, Mr. Godwin Emefiele, the suspended CBN Governor, announced plans to redesign the N200, N500, and N1,000 naira bills.
Mr Emefiele had asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
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