Back to Africa Check

No, Nigeria’s central bank has no plans to phase out recently released naira notes

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.

Republish our content for free

We believe that everyone needs the facts.

You can republish the text of this article free of charge, both online and in print. However, we ask that you pay attention to these simple guidelines. In a nutshell:

1. Do not include images, as in most cases we do not own the copyright.

2. Please do not edit the article.

3. Make sure you credit "Africa Check" in the byline and don't forget to mention that the article was originally published on

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.