New Naira Notes: CBN insists on January 31 deadline

The Central Bank of Nigeria (CBN) is under more pressure to postpone the January 31 deadline for the phase-out of the old N1,000, N500, and N200 notes. The fresh notes are nowhere to be located, according to relevant stakeholders, who also claim that the deadline is impossible.

CBN which has refused to grant a time extension despite lobbying from various sectors of society, has given Nigerians till January 31, 2023 to exchange their old naira notes for the new ones.

The Northern Elders Forum (NEF), the Muslim Rights Concern (MURIC), the Governor Abdullahi Umar Ganduje of Kano State, and others have raised their voices in support of delaying or completely scrapping the idea until the nation is ready.

Deposit Money Banks have increased security few days before the Central Bank of Nigeria’s deadline for the old N1,000, N500, and N200 notes to be taken out of circulation, in case upset clients try to attack their banks and damage property.

The apex bank sent a reminder to Nigerians as part of its commitment to the deadline, insisting that the January 31, 2023 deadline remained sacred as far as the phase-out of the old versions of the redesigned notes is concerned. As a result, it urged all Nigerians to return all of the old N200, N500, and N1,000 notes they had in their possession to their deposit banks for replacement before the deadline.

Since the new notes were not easily accessible, the House of Representatives has also requested that the Central Bank of Nigeria, CBN, extend the deadline for usage of the old naira notes by at least six months.

The lower chamber said the deadline should be extended to June, despite the Senate’s request to extend it until July 31. However, the CBN governor, Godwin Emefiele, declared yesterday that the deadline of January 31 remained sacred.