Multiple online reports have claimed that by January 31, 2023, the US dollar notes below 2021 will no longer be accepted as legal tender. “USA moves to checkmate dollar stockpile
The post claims that the government of the United States “has set date for restriction on an acceptable legal tender note of US Dollar which will commence on Jan. 31st 2023”.
According to Emefiele, the CBN governor, one of the factors that influenced the redesign of the naira notes is the “significant hoarding of banknotes by members of the public”, adding that statistics show that “over 80 percent of currency in circulation are outside the vaults of commercial banks”.“As at the end of September 2022, available data at the CBN indicate that N2.73 trillion out of the N3.
According to information available on the website of the US Currency Education Programme, the current design of theThe $1 note, issued in 1963, featuring President George Washington has never been changed. The US government periodically redesigns federal reserve notes to make them easier to use, but more difficult to counterfeit.The US Currency Education Programme which provides education, training, and information about federal reserve notes emphasis that “it is U.S. government policy that all designs of U.S currency remain legal tender, regardless of when they were issued”.
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