The Central Bank of Nigeria (CBN) has said that it is “slowly” phasing out old N200, N500 and N1,000 notes with redesigned ones.
Acting CBN Governor, Folashodun Shonubi said there is an “optimal level of currency” in circulation and what is being done at the moment is replacing worn out notes with new ones.
“We believe that we have an optimal level of the currency out there and so much of what’s being done is replacement to keep the level, rather than just putting money out there.”
“And that is seen by the fact that the banks, whenever they come to us for notes, we provide it to them. If it wasn’t enough, they will be asking us for more. If it was too much, they’ll be dumping that much more on us.
“So, we will slowly, and over time you will see the old notes replaced out of the system with the new notes that’ll be the norm”.