We will gradually withdraw the old naira notes - CBN Old naira notes will be phased out "gradually" and replaced with new ones, a...
We will gradually withdraw the old naira notes - CBN
Old naira notes will be phased out "gradually" and replaced with 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.
In response to press inquiries, he stated, "When money is printed and issued, it is assumed that it will be utilized until it turns old and until the central bank withdraws it and replaces it with new ones, which is what we are doing.
"We need to pull out the old banknotes. And as they arrive, they are processed, returned to us, and we send out fresh ones to replace the old ones.
Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, created a plan to overhaul the N200, N500, and N1000 notes in October.