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!
