Naira redesign: We will gradually phase out old notes – CBN

The Central Bank of Nigeria has restated that it will gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies.

This announcement was made yesterday (Tuesday) by the acting governor of the apex bank, Folashodun Shonubi, during the Monetary Policy Committee (MPC) meeting, held at the CBN headquarters in Abuja.

Recall that in October 2022, Godwin Emefiele, the suspended CBN governor, unveiled plans to redesign the N200, N500, and N1,000 naira notes. He also insisted that Nigerians deposit their old notes before January 31, 2023, as they would cease to be legal tender after that date. However, later on, the CBN disclosed that the former president, Muhammadu Buhari, had approved an extension of the deadline for the demonetisation of the old notes.

Nevertheless, in March 2023, the Supreme Court invalidated the naira redesign policy introduced by the central bank, ruling that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023.