According to the Central Bank of Nigeria, CBN, the old N200, N500, and N1,000 naira notes would continue to be valid until January 31, 2023.
This was revealed by CBN Governor Godwin Emefiele following the Monetary Policy Committee (MPC) meeting of the top bank on Tuesday in Abuja.
The Monetary Policy Rate (MPR), which measures interest rates, was also increased by the CBN to 17.5 percent.
He asserts that the decrease in kidnapping and ransom-demands is due to the redesign of the three banknotes.
He added that Nigerians have enough time to visit commercial banks and obtain new notes by the deadline set for the exchange of old for new naira notes.
Details later….
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