President Bola Tinubu’s policy advisory council has advised the federal government to extend the validity of old naira notes until December 31, 2024.
This recommendation is contained in a report, titled, ‘Policy Advisory Council Report: National Economy Sub-committee’.
The council also suggested the implementation of a gradual phase-out (on a monthly basis) of the old currency notes.
“Extend the December 31st, 2023, deadline to December 31st, 2024 (if required),” the document reads.
“Bring in new notes through the deposit money banks by 5% monthly and take out the old notes through the deposit money banks by the same 5% (12-18 months).”
In October 2022, Godwin Emefiele, the erstwhile governor of the Central Bank of Nigeria (CBN), announced the plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flows.
Following the unveiling of the redesigned naira notes on November 23, 2022; the deadline for the validity of the old notes was fixed for January 31, 2023.
But this was later extended to February 10 amid a nationwide outburst in protest of what was described as poor implementation of the policy.
On March 3, a supreme court judgement invalidated the naira redesign policy introduced by the apex bank as citizens’ angst spread across the country.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.
