The central bank of Nigeria,CBN has spoken on the deadline for the usage of old naira notes as cash scarcity returns in some states
DAILY GIST recalls that the Supreme Court had ruled that December 31 would be the deadline for the use of old N200, N500, and N1000 naira notes
It has been confirmed that Kano and Borno states have begun to experience cash scarcity as the deadline looms.
In March, the Central Bank of Nigeria (CBN) announced that, following a Supreme Court order, the old naira notes would remain legal tender alongside the redesigned ones until December 31.
Former CBN governor Godwin Emefiele, had, in October last
year, unveiled plans to redesign the N200, N500 and N1,000
notes and urged citizens to deposit their old notes before
January 31, 2023, as they would cease to be legal tender
thereafter.
Emefiele’s directive resulted in a cash crunch across the country
in February, leaving citizens in untold hardship, which eventually
led to protests and attacks on banks in some cities across the
country.
Meanwhile, as the scarcity of the banknotes has hit some states
over the fear of the end of the year deadline, a top official of the
CBN told DAILY TRUST that both old and new banknotes
remained legal tender.
He assured Nigerians not to exercise any fear about the
December 31 deadline, adding that the apex bank would phase
out the banknotes gradually, in order not to cause other pains
for the people.
“They are all legal tender. Nigerians should continue to spend
them. There is no need to exercise fear about the deadline.
“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”he assured
