The Central Bank of Nigeria (CBN) has recently addressed concerns regarding the expiration dates of the old 200, 500, and 1,000 naira notes.
Back in March, the Supreme Court declared that these notes would remain legal tender in the country until December 31, 2023.
With just two months left before the deadline, rumors of a cash shortage have resurfaced, causing anxiety among Nigerians.
However, a senior CBN official, who preferred to remain anonymous, reassured the public that both the old and new banknotes would still be recognized as legal tender.
The CBN’s new management team, which has promised to bring about positive change in contrast to the era of Godwin Emefiele, has emphasized that Nigerians need not panic.
The CBN announced in March 2023, following the Supreme Court verdict, that the old banknotes would no longer be in circulation after the end of 2023.
However, in response to recent concerns and reports of scarcity in certain states, the CBN official advised Nigerians to continue using the old banknotes without worry.
The official further stated that the phasing out of the old notes would be a gradual process, aiming to avoid causing additional hardships for the people.
As reported by a national tabloid, the official said, “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.” In essence, there is no need for Nigerians to be alarmed regarding the December 31 deadline for the old 200, 500, and 1,000 naira notes.
Both the old and new banknotes will continue to hold their value, and the CBN assures that the transition will be a smooth and gradual one.
So, Nigerians can be rest assured and continue to freely use their money without any unnecessary concerns.