The Central Bank of Nigeria (CBN) has announced that old Naira notes will remain legal tender until December 31, 2023. This means that the old notes can still be used for transactions until that date.
The CBN's decision to extend the legal tender status of the old notes is in response to the public outcry that followed its initial plan to demonetize the notes from September 1, 2021. The decision was taken to allow for a smooth transition and avoid a situation where people would be stranded with old notes.
The CBN also reiterated its commitment to ensuring that the nation's currency is strong and reliable. The apex bank called on Nigerians to embrace the use of digital payments, which it says is the way forward. It urged individuals and businesses to take advantage of the various digital payment options available, such as mobile banking, internet banking, and USSD codes.
The CBN had earlier explained that the demonetization exercise was aimed at addressing the problem of hoarding, illicit cash flows, and other criminal activities that are facilitated by the use of old notes. The bank had also noted that the exercise would help to reduce the cost of printing currency and enhance the efficiency of the payment system.
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https://allmedia24.com/just-in-cbn-declares-old-naira-notes-legal-tender-till-december-31-2023/
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