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Nigeria: No, Nigeria’s Central Bank Has No Plans to Phase Out Recently Released Naira Notes

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Just months after a redesign of Nigeria’s currency, posts on Facebook claim the new notes are on their way out.

“JUST IN: CBN opens up on plan to phase out redesigned Naira notes,” reads a post dated 30 April 2023.

In October 2022, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced a redesign of the country’s N200, N500 and N1,000 denominations.

Emefiele said the change was aimed at tackling inflation, counterfeiting and insecurity.

The new notes entered circulation a few weeks later. But the redesign did not go smoothly as shortages of the new notes caused a national outcry.

The bank has also had to refute claims about the legal status of the old banknotes.

In January 2023, Africa Check debunked a similar claim that the central bank had extended the deadline for the use of old naira notes to June 2023.

This more recent claim has also been shared on Facebook here, here and here. But is this official?

CBN: No plans to withdraw new notes

There have been reports of poor circulation of the newly designed naira notes. But CBN has said that there are no plans to withdraw them.

In April, the central bank issued a disclaimer stating that both the redesigned and old notes would remain legal tender until the 31 December 2023 deadline. Only then would the old N1,000, N500 and N200 notes be phased out.

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