The Central Bank of Nigeria (CBN) says it’s ‘Slowly’ Phasing Out Old Naira, Says Redesigned Notes Still Being Issued.
The apex bank said there is an “optimal level of currency” in circulation right now.
Acting CBN Governor, Folashodun Shonubi, made this known on Tuesday after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.
The apex bank also raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
Responding to questions from reporters, the acting apex bank chief said, “When a currency is printed and sent out, it is expected that it will go through a number of cycles, and then over time, will become one and then be replaced. That’s what we’re doing.
“We had to put out or re-put out old notes. And as they’re coming in, they’re being processed and returned to us as not issuable. We are then bringing out and replacing them with the new notes.”