Bankers explain scarcity of new naira notes in circulation as deadline for phase-out of old currency approaches

Bankers in Nigeria have given reasons for the prevalence of old naira notes in circulation with the deadline for their withdrawal about eight months away.

The Central Bank of Nigeria (CBN) in October 2022 announced the redesign of the old N200, N500, and N1,000 notes.

The apex bank also announced January 31 as the deadline for the withdrawal of the old banknotes public.