We Will Carefully Withdraw Old Banknotes —CBN The old Naira notes will be gradually replaced by new ones, according to the Central Bank of ...
We Will Carefully Withdraw Old Banknotes —CBN
The old Naira notes will be gradually replaced by new ones, according to the Central Bank of Nigeria (CBN).
This information was released by the CBN's acting governor, Folashodun Shonubi, on Tuesday following the bank's Financial Management Committee (MPC) meeting in Abuja.
"When money is printed and issued, it is expected that it will be used until it wears out, and that is what we are doing right now -- taking them out and replacing them with new ones from the central bank." based on him.
"We must throw away the outdated money. As they come in, they are processed, returned to us, and we pull them out once more to swap out the old ones with fresh ones.
The idea to alter the N200, N500, and N1000 notes was unveiled in October of the previous year by suspended CBN Governor Godwin Emefiele.
The APC government, on the other hand, believes that the currency's new design is a plot to sabotage the 2023 elections because it has raised debate and left behind dust.