May 18, 2024
CBN says New Notes Still Being Issued as Old Notes Gradually Phase Out
News Today In the News

CBN says New Notes Still Being Issued as Old Notes Gradually Phase Out

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.

READ ALSO: Kaduna Assembly Suspends 3 LG Chairmen Over Financial Mismanagement

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.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video