Connect with us


CBN rules out extension of deadline for phase-out of old Naira notes



The Central Bank of Nigeria (CBN) has ruled out the extension of the deadline for the withdrawal of old Naira notes from circulation.

The Central Bank of Nigeria (CBN) had said in October that the old Naira notes would be withdrawn from circulation on January 31, 2023.

Read also:CBN defends Naira’s value with $11.24bn

President Muhammadu Buhari unveiled the new N200, N500, and N1,000 notes last week in Abuja.

The CBN ruled the extension of the deadline in a series of tweets on its Twitter handle on Friday.

The apex bank wrote: “The current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

Meanwhile, the CBN has revealed that there is a Mint Tracking System (MTS) to track initial recipients of new banknotes when cases of illegal sale of new banknotes arise.

The Deputy Director of Currency Operations Department, CBN, Amina Abdumalik Halidu-Giwa, disclosed this at a webinar organised by the Nsukka and District Society (NDS) arm of the Institute of Chartered Accountants (ICAN) in Abuja.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now