January 31 Deadline For Old Naira Notes Remains, CBN Insists
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January 31 Deadline For Old Naira Notes Remains, CBN Insists

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January 31 Deadline For Old Naira Notes Remains, CBN Insists

January 31 Deadline For Old Naira Notes Remains, CBN Insists

January 31 Deadline For Old Naira Notes Remains, CBN Insists

Despite public calls to extend the deadline for ending the use of old naira notes (N200, N500, and N1000), the Central Bank of Nigeria (CBN) has insisted that the January 31 end date remains unchanged.

CBN Governor Godwin Emefiele stated this during the first Monetary Policy Committee (MPC) meeting which was held in Abuja on Tuesday.

The CBN also raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He also said the time given for the swap of the old naira notes with new ones was enough for Nigerians to go to commercial banks and get new notes.

READ ALSO: JUST IN: CBN increases benchmark interest rate to 17.5%

Many Nigerians have however lamented the unavailability and scarcity of the new notes, decrying that banks up till today, were still giving out the old naira notes to customers with the deadline only a few days away.

Meanwhile, the CBN in its efforts to ensure that everyone is carried along embarked on a cash swap program nationwide to enable those in the unbanked areas to exchange their old notes before the January 31 deadline, however, excluding Lagos and Abuja mobile money/Point of Sales operators from the program.

The CBN also recently ordered commercial banks to immediately stop over-the-counter withdrawal of the new notes and load their Automated Teller Machines with the redesigned naira notes to boost their circulation.

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However, despite the efforts of the apex bank, bank customers have continued to lament the scarcity of the new notes

The Managing Directors/Chief Executive Officers of the banks, under the auspices of the Bankers’ Committee, are to meet with an ad hoc committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa, on Wednesday (tomorrow).

The meeting is for the banks to explain the alleged supply shortage from the Central Bank of Nigeria, after which the lawmakers would invite the leadership of the apex bank for questioning.

The House further resolved that the window for swapping the old notes with the new ones be extended by six months.

Meanwhile, the Senate on Tuesday similarly appealed to the apex bank to extend the deadline by six months as well, from January 31 to July 31, 2023.

On the CBN on October 26, 2022, announced its plan to redesign the three banknotes. The President, Major General Muhammadu Buhari (retd), subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

January 31 Deadline For Old Naira Notes Remains, CBN Insists

 

 

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