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Reports Of US Plan To Reject Dollars Printed Before 2021 False

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Earlier today, there were reports published on some news websites that the United States has concluded plans to stop the acceptance of dollars printed before 2021.

The CBN Governor, Mr Godwin Emefiele had late in October announced during an emergency meeting that it will redesign N200, N500 and N1,000 notes.

According to the lender, the new currencies will begin circulation December 15, 2022, while the existing notes will cease to be legal tenders by January 31, 2022.

The CBN had said N3.2trn currency are in circulation out of which 85 per cent is out of bank vault.

He said the dollar remains the world’s reserve currency today. Central banks hold around 59 per cent of their reserves in U.S. dollars, according to the International Monetary Fund (IMF).

He also said going by these facts, the reports being published in various platforms about the restrictions of the US dollar printed before 2021 is false.

He lamented that the Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100.

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