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Friday, February 3, 2023

CBN insists January 31 deadline for return of old notes –

Despite the pressure, the Central Bank of Nigeria (CBN) has once again reiterated its stance that it will not extend the January 31, 2023 deadline for the return of old naira notes.

Responding to a question after the first monetary policy meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele confirmed that the deadline will not be extended.

He explained that since the introduction of the new naira banknotes, kidnappings and ransoms have decreased due to the redesign of the three banknotes.

He also said that the time to exchange old naira notes for new ones was long enough for Nigerians to go to commercial banks to buy new notes.

The CBN announced plans to redesign the three banknotes on October 26, 2022. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed the validity of the old notes at January 31.

Also read:Borrowing gets more expensive as CBN hikes interest to 22-year high of 17.5%

As the January 31, 2023 deadline looms, many Nigerians fear the slow spread of the three new naira notes, but the apex bank is sticking to that date.

This Cubic boron nitride Commercial banks were also recently directed to stop over-the-counter payments of the new notes and to load their ATMs with redesigned naira notes to facilitate circulation.

The top bank has also launched a cash swap scheme across the country, allowing those in unbanked areas to exchange old notes for new ones before the deadline.

Emefiele insisted that all these measures will ensure that Nigerians will be able to submit their old naira banknotes before the deadline.

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