Our reporter/ The policy advisory council of President Bola Tinubu has asked the federal government to extend the validity of the old naira notes to December 31, 2024.
The recommendation was made in a report, titled, ‘Policy Advisory Council Report: National Economy Sub-committee’.
The council in addition suggested the implementation of a gradual phase-out (on a monthly basis) of the old currency notes.
“Extend the December 31st, 2023, deadline to December 31st, 2024 (if required),” the document reads.
“Bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5%.
12-18 months.”
Godwin Emefiele, the suspended governor of the Central Bank of Nigeria in October 2022 announced the plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flows.
Following the unveiling of the redesigned naira notes on November 23, 2022; the deadline for the validity of the old notes was fixed for January 31, 2023.
But this was later extended to February 10 amid a nationwide outburst in protest of what was described as poor implementation of the policy.
The supreme court later invalidated the naira redesign policy introduced by the apex bank as citizens’ angst spread across the country.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.
About two weeks after the court ruling, the CBN complied with the directive, instructing commercial banks, in a statement, that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.
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