The Federal Government has been advised to extend the validity of the old naira notes to December 31, 2024.
Policy Advisory Council (PAC) made the recommendation in a report, entitled: ‘Policy Advisory Council Report: National Economy Sub-committee’.
It also suggested the implementation of a gradual phase-out (on a monthly basis) of the old currency notes.
“Extend the December 31, 2023 deadline to December 31, 2024 (if required). Bring in new notes through the deposit money banks by five per cent monthly and take out the old notes through the deposit money banks by the same five per cent (12-18 months),” PAC said.
In October 2022, the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, announced a 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.
A Supreme Court judgement invalidated the naira redesign policy on March 3.