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Central Bank of Nigeria Assures Nigerians: Spend Your New Notes Without Worry

Eriki Joan UgunushebyEriki Joan Ugunushe
November 8, 2023
in News
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Central Bank of Nigeria Assures Nigerians: Spend Your New Notes Without Worry

Dollar, Euro and Pounds to Naira Exchange for November 26, 2023

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The Central Bank of Nigeria (CBN) has once again tried to calm the nerves of Nigerians who are stashing new currency notes under their mattresses. They want you to know that there’s no need for panic withdrawals, and you can freely spend those shiny new notes without any worry.

In an official statement released on Wednesday, the apex bank emphasized that both the old and new naira notes are perfectly acceptable for all transactions. According to CBN spokesman, Isa AbdulMumin, “Every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone.” In simple terms, if it’s money from the CBN, it’s money, and you can use it.

The CBN has also instructed its branches across the country to continue supplying various denominations of both old and newly designed banknotes to commercial banks, ensuring there’s enough money in circulation for everyday economic activities.

Now, let’s rewind a bit to last October when the former CBN Governor, Godwin Emefiele, announced plans to revamp the three highest denomination naira bills. He urged Nigerians to deposit their old notes by January 31, 2023, after which they would no longer be considered legal tender. This move caused quite a stir, with many Nigerians feeling the economic pinch, leading to protests, bank burnings, and ATM vandalizing. Some even called it a “premium shege” moment, and Emefiele received his fair share of criticism.

In response to the turmoil, the CBN decided to extend the deadline for the naira note swap. Even President Muhammadu Buhari gave it his nod. But, as some might say, it was a questionable policy to begin with.

Nigerians have had their fair share of challenges dealing with their leaders, and it’s been quite a rollercoaster. But fear not, dear Nigerians, you can now confidently remove those new notes from under your mattresses and put them to good use. Time to spend that money and keep the economy rolling!

Tags: Central Bank of Nigeria (CBN) has once again tried to calm the nerves of Nigerians who are stashing new currency notes under their mattresses
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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