CBN Extends Deadline For Old Naira Notes

The Central Bank of Nigeria (CBN) has finally extended the deadline for the exchange of old naira notes by 10 days.

Godwin Emefiele, the CBN governor, said the new deadline which is February 10, 2023 was approved by President Muhammadu Buhari on Sunday in Daura, Katsina State.

Emefiele, who was in Daura on Sunday morning, had a closed door meeting with the Buhari, where he obtained the approval.

He said Nigerians, who were yet to change their Naira notes from the old to new ones, ”now have an opportunity to do so”.

The apex bank’s governor however cautioned that people must utilise the opportunity because the deadline would not be extended again.

Recall that the CBN had fixed Jan. 31 as the deadline for the legitimacy of the old Naira notes.

The redesigned Naira notes, comprising N200, N500 and N1,000, became legal tender on Dec. 15, 2022, after they were unveiled by Buhari on Nov. 23, 2022, in Abuja.

Reports across the country on Saturday indicated that traders and business owners were asking their constomers to pay with new notes.

It was also discovered that some of the Automated Teller Machines (ATMs) across states including the Federal Capital Territory (FCT) were still dispensing the old Naira notes, while there were long queues at few ATMs dispensing the redesigned Naira notes.

Some banks dispensing the new notes had configured their ATMs to dispense N5,000 or N10,000 per transaction.

Also, some Point of Sale (PoS) operators were still paying with old Naira notes, while some who had the redesigned Naira notes increased their charges by 100 to 200 per cent.

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