From News Editor
The CBN has provided clarification on the expiration date for the old 200, 500 and 1,000 naira notes, saying that Nigerians should not panic about the December deadline.
The Supreme Court had in March this year, announced that old naira notes remain a legal tender in Nigeria until December 31, 2023. It is two months to the deadline, and rumours of cash scarcity have resurfaced despite high money supply.
The Central Bank of Nigeria (CBN) has clarified that the old 200, 500, and 1000 naira notes would continue to be legal tender even after December 31, 2023. A senior official, who spoke anonymously, assured Nigerians that both old and new banknotes would still be considered legal tender.
CBN’s new management team has promised to be different from Godwin Emefiele’s era
following a Supreme Court verdict, the CBN announced that the banknotes would no longer be in circulation after the end of 2023.
In response to concerns expressed by Nigerians just two months before the deadline and reports of scarcity in two states already, the CBN official advised Nigerians not to panic.
He said: “They are all legal tender. Nigerians should continue to spend them. There is no need to worry about the December 31 deadline.”
The CBN official emphasised that the phasing out of the old notes would be a gradual process to avoid causing additional hardships for the people, BusinessDay reports.
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.”
Source: Legit.ng
