Economy
By Kennedy Nnamani
THE Central Bank of Nigeria, CBN, has maintained its stand on the deadline for the validity of the old Naira bills.
In a tweet on its official handle on Friday, the CBN stated that the current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023.
Recall that the apex bank announced on October 26, 2022 that it would redesign the higher denominations of the Naira notes and begin disbursement from December 15, 2022 which will run through to January 31, 2023.
The CBN said that the exercise would among others, mop up over 80% of the currency in circulation outside the vaults of the commercial banks, check inflation and counterfeiting as well as ransoms paid to bandits, terrorists and kidnappers.
Meanwhile, it is less than 60 days to the deadline given by the apex bank for all Nigerians to take back all their old notes to their various commercial bank accounts.
KN
Tags: Central Bank of Nigeria Kennedy Nnamani
