The Central Bank of Nigeria (CBN) has reaffirmed that the deadline for the validity of the old 200, 500, and 1,000 naira notes remains January 31, 2023. Despite numerous appeals from various groups urging the apex bank to extend this deadline, the CBN has remained firm in its decision. On Saturday evening, the bank reiterated its stance through its verified Twitter account, stating, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31, 2023.”
In a video shared by the CBN, Governor Godwin Emefiele addressed the issue during a recent Monetary Policy Committee meeting. He expressed regret for not being able to accommodate requests for an extension, explaining that the president had previously indicated that 100 days should be sufficient for anyone holding the old currency to deposit it in banks. Emefiele emphasized that all banks have been open and prepared to accept these deposits.
Among those advocating for an extension is Atiku Abubakar, the presidential candidate of the Peoples Democratic Party. He acknowledged the benefits of the policy but suggested that a slight extension would alleviate the challenges faced by Nigerians. Many citizens have voiced their frustrations regarding the scarcity of the new notes, noting that banks continue to dispense old naira notes through Automated Teller Machines, even with the deadline approaching.
Additionally, both the House of Representatives and the Senate have urged the CBN to consider extending the deadline by six months, pushing it to July 31, 2023. Meanwhile, President Muhammadu Buhari has clarified that the naira redesign aims to target corrupt individuals and those involved in financing terrorism, rather than innocent citizens. The CBN initially announced its plan to redesign the three banknotes on October 26, 2022, with the redesigned N200, N500, and N1,000 notes unveiled by the president on November 23, 2022.
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