The Sokoto State Chapter of the Muslim Rights Concern has urged the Federal Government to extend the deadline for the expiration of old naira notes by at least two weeks. On November 23, 2022, President Major General Muhammadu Buhari (retd.) unveiled redesigned N200, N500, and N1,000 notes, with the Central Bank of Nigeria subsequently setting January 31 as the expiration date for the old notes.
In a statement released on Friday, MURIC chairman Muhammad Aliyu expressed concern that the January 31 deadline has severely impacted businesses in Sokoto, Kebbi, and Zamfara states. He noted that many people are reluctant to accept old naira notes in commercial transactions due to fears of being unable to deposit them in banks. This situation has led to the closure of many filling stations and essential service providers, as most customers are using old naira notes and are uncertain about their ability to deposit them.
Aliyu highlighted that the scarcity of new notes has exacerbated the situation, with banks still distributing old naira notes to customers despite the impending deadline. He stated, “This has currently made life more difficult for ordinary citizens,” as many Nigerians have voiced their frustrations regarding the unavailability of new notes.
Given these circumstances, MURIC is appealing to the Federal Government to reconsider its decision and extend the January 31, 2023, deadline for the expiration of old naira notes by at least two weeks. This extension would allow Nigerians more time to exchange their old naira notes for the new ones. Additionally, the organization has called on security agencies, particularly the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit, to closely monitor how commercial bank managers handle the new naira notes received from the Central Bank of Nigeria, which has assured that these notes are readily available nationwide.
Finally, MURIC urged Nigerians to remain calm and avoid panic regarding the money swap process.
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