Nigerians will stop using old Naira notes from January 31 2023 - News From CBN.
The Central Bank Governor, Godwin Emiefele has warned that the apex bank would stop the usage of old Naira notes from 31 st January, 2023. This is coming at a time when the apex bank noted conspicuously, the challenges bedeviling the country's currency. In a statement obtained by Vanguard, Emefiele stated that the 'currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country'. Listing the challenges Emefiele said: 'Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability; Increasing ease and risk of counterfeiting evidenced by several security reports.' Explaining further,