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Naira Policy: No extension for use of old banknotes beyond January 31 –CBN

*The Central Bank of Nigeria stresses the January 31, 2023 deadline for use of old Naira notes as legal tender stays for the old notes to remain in circulation

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has stressed January 31, 2023, deadline for use of old Naira notes as legal tender in the country stays.

ConsumerConnect reports that lately, there have been concerns expressed by several consumers of financial products and services, as well as officials of some Deposit Money Banks (DMBs) over the scarcity of the new Naira notes.

The Bankers’ Bank, however, stated that January 31 remains the deadline for old notes to remain in circulation.

In a message posted on the Bank’s official Facebook account, the CBN maintains “the current series of N200, N500 and N1,000 notes will remain legal tender until the deadline of January 31, 2023.”

Similarly, in its verified Twitter handle, the country’s apex bank noted that there would be no extension for the use of the old notes beyond January 31.

The Bank urged Nigerian consumers to ensure they deposited “all the old N200, N500 and N1,000 banknotes in their possession before the deadline of January 31, 2023.”

Meanwhile, 23 days to the deadline, several Nigerians have continued to bemoan the manner the CBN is handling the process of introducing the new Naira notes into circulation, according to report.

Recent checks indicated that Over-the-Counter (OTC) cash transactions within banking halls were still being done majorly with old notes, including withdrawals, instead of new banknotes.

It was learnt several commercial banks, especially in the major cities, including Lagos, Abuja and Port Harcourt had complained about the limited quantities of new Naira notes to load into their Automated Teller Machines (ATMs) at a time the banks should be receiving old notes, just as the deadline draws near.

It is as well noted, that most banks’ ATMs across the country still dispense old notes.

Recall that Mrs. Aisha Ahmad, Deputy Governor,  Financial System Stability at CBN, recently informed the House of Representatives during a public hearing on the implementation of CBN cashless policy and the new withdrawal limits, that the Bank had ordered the printing of 500 million pieces of new Naira notes in the first contract.

Nigerian President Muhammadu Buhari with Mr. Godwin Emefiele and other top government officials unveiled the new Naira notes in N200, N500 and N1,000 denominations November 23, 2023, in the State House, Abuja, FCT.

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