"Nigerians Have Enough Time": CBN Insists on January 31 Deadline to Return Old Notes

"Nigerians Have Enough Time": CBN Insists on January 31 Deadline to Return Old Notes

  • The Central Bank of Nigeria has once again said that there would be no extension of the deadline for the return of old naira notes
  • Nigerians are mandated to deposit the soon-to-be outdated naira notes by January 31, 2022
  • There were hopes that the CBN would extend the deadline, but as of the time of filing this report, nothing has changed

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Despite the pressure, the Central Bank of Nigeria has reiterated its position that the deadline for the return of old naira notes, which is January 31, 2023, will not be extended

The CBN governor, Godwin Emefiele stated this while responding to questions during the first Monetary Policy Committee meeting on Tuesday, 24 January 2023 in Abuja.

There have been concerns from many Nigerians over the slow spread of the new naira notes leading to calls for the deadline to be extended.

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CBN new naira notes
CBN insists on January 31 deadline for old naira notes Credit: CBN
Source: Facebook

Emefiele noted that Nigerians have been given enough time to return the old notes.

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He also stressed that there are various measures to ensure that Nigerians can submit their old naira notes.

CBN defends deadline

Banks opening on Saturdays is one of the measures mentioned by Emefiele, who stressed that many Nigerians are not taking advantage of the opportunity, Channels reports.

Emefiele also added that commercial banks have been directed to halt over-the-counter payment of the new notes and load their Automated Teller Machines (ATMs) with the redesigned naira notes to boost circulation.

Another measure is the cash swap programme targeted at Nigerians living in rural communities.

His words;

"I don't have good news for those who feel we should shift the deadline; my apologies.
"The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.

Read also

CBN deadline: Family rejects old naira notes as bride price in Niger

"It is also important to note that kidnapping and ransom-taking have reduced since the three banknotes were redesigned."

Experts predict naira exchange rate to US dollar in 2023

In another report, Legit.ng revealed that the Nigerian currency naira had a tough 2022 trading against the dollar and other foreign currencies.

Experts have taken turns making predictions for the new year, and they feel it will be either good or more troubles.

The federal government in its 2023 budget set the naira to the dollar exchange rate at N435.57/$ for 2023.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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