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Circulation of old notes ends on Jan 31, CBN reiterates

THE Central Bank of Nigeria (CBN) has stated again that the deadline for the old naira notes, which was set for January 31, cannot be extended.

The apex bank has been put under pressure to extend the deadline as a result of shortage of the new naira notes.

The Arewa Consultative Forum (ACF) had earlier today also joined those requesting a postponement of the deadline for the expiration and collecting of old naira notes.

The Arewa Consultative Forum (ACF), Kano State Chapter, said in a statement released by Mallam Bello Galadanci, Publicity Secretary, today that the Federal Government’s January 31 deadline has hindered socioeconomic operations in the state.

According to the statement, the general public is suffering greatly as a result of people’s hesitation to accept old naira notes in business transactions out of concern that they may not be able to deposit them in commercial banks.

Similar appeals have also been made in other parts of the nation.

However, CBN reiterated in a tweet this night that the deadline was final.

“Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023,” it tweeted attaching a video of Godwin Emefiele, CBN governor, giving the stance of the bank on old notes at the last Monetary Policy Committee (MPC) meeting of the bank.

In the video, Emefiele said, ”

“Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”

Earlier, President Muhammadu Buhari had said CBN was coordinating the distribution of the new notes to avoid chaos.

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Naija Times