Old notes will continuously phase out for new naira notes – CBN
The Central Bank of Nigeria (CBN) has stated that plans to gradually phase out the old 200, 500, and 1,000 naira notes are underway, while new notes will be issued. THE GUARDIAN reports.Information Guide Nigeria
CBN Acting Governor, Folashodun Shonubi, stated this on Tuesday after the monetary policy committee (MPC) meeting at the CBN headquarters in Abuja.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada
Shonubi stated on Tuesday while updating the demonetisation policy, that old notes would be gradually replaced over time.NYSC Portal
“When a currency is printed and sent out, It is expected that it will go through a number of cycles and then, over time, will become one and then be replaced. That’s what we’re doing,” Shonubi said.“We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing them out and replacing them with the new notes.”
Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
.
.
The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us for immediate removal.
