No Phasing Out Of Old Naira Notes — CBN – Independent Newspaper Nigeria

… As Reps Name For Circulation Of Redesigned Ones Earlier than Jan 2025

LAGOS – The Central Financial institution of Nige­ria (CBN) has known as on Nigerians to ignore the discussions at differ­ent fora suggesting that the outdated se­ries of the N200, N500, and N1,000 banknotes shall stop to be authorized tender on December 31, 2024.

Recall that the Home of Rep­resentatives has urged the Cen­tral Financial institution of Nigeria to enough­ly flow into the redesigned N200, N500, and N1,000 banknotes, and section out the outdated currencies.

The lawmakers arrived on the decision, following a movement raised by Adam Victor Ogene, representing the Labour Social gathering, (Anambra), throughout plenary on Thursday.

The event adopted the December 31, 2024 deadline for the outdated notes to stop being authorized tender, ordered by the Supreme Courtroom.

Sidi Ali, Hakama (Mrs.), Ag. Director, Company Communica­tions, in a press release, stated: “We want to state categorically that such claims are false and cal­culated to disrupt the nation’s cost system.

“For the avoidance of doubt, the order of the Supreme Courtroom of Nigeria on Wednesday, No­vember 29, 2023, granting the prayer of the Legal professional-Basic of the Federation and Minister of Justice to increase the usage of outdated Naira banknotes advert infinitum, subsists.

“Equally, the CBN’s directive to all its branches to proceed to problem and settle for all denomina­tions of Nigerian banknotes, outdated and re-designed, to and from de­posit cash banks

(DMBs) stays in drive.

It might be recalled that the Supreme Courtroom ordered that the outdated sequence of N200, N500, and

N1,000 banknotes shall contin­ue to be authorized tender alongside the redesigned variations.

Accordingly, all banknotes issued by the Central Financial institution of Nigeria (CBN) will proceed to stay authorized tender indefinitely.

We, due to this fact, advise mem­bers of the general public to ignore strategies that the stated sequence of banknotes will stop to be authorized tender on December 31, 2024.

We urge Nigerians to contin­ue to just accept all Naira banknotes (outdated or redesigned) for his or her day-to-day transactions and deal with them with the utmost care to protected­guard and shield their lifecycle.

Moreover, most of the people is inspired to embrace various modes of cost, e-channels, with the intention to cut back strain on the usage of bodily money.

The lawmakers stated the necessity for enough availability of the redesigned notes in banks within the nation by the CBN, was neces­sary to fulfill Nigerians’ monetary calls for, and to strengthen the financial system.

Ogene stated: “Going by the Su­preme Courtroom’s subsequent ruling and order, the N200, N500, and N1,000 notes shall stop to be le­gal tender, medium of alternate for items and companies in Nigeria, and shall additionally stop to be in circu­lation as from January 1, 2025.”

The lawmaker condemned the apex financial institution for not commenc­ing a complete nationwide public consciousness marketing campaign to ed­ucate residents on the upcoming adjustments, months in the past.

In line with him, the CBN ought to have by now, began doing jingles on tv, radio, and social media, adverts on newspa­pers, magazines, in addition to fliers, to get them appraised in regards to the outdated notes’ withdrawals, and cir­culation of latest ones.