Emefiele, Governor of CBN, affirms no extension of the deadline for old Naira notes.

“I apologize, but I don’t have good news for those who want to extend the deadline,” said Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), during the monthly Monetary Policy Committee meeting in Abuja on Tuesday. He stated that the 90-day timeframe given for the exchange of old naira notes for the new currency was sufficient and that there was no need to extend the deadline. Emefiele added that the CBN had taken all necessary measures, such as extending commercial banks’ hours and working days to Saturdays, to ensure the public could deposit their old currency before the deadline.

In October 2022, the Central Bank of Nigeria (CBN) announced plans to redesign the N200, N500, and N1,000 notes, setting January 31 as the deadline for the circulation of the old notes. The CBN has also instructed commercial banks to stop over-the-counter payment of the new notes and to stock their ATMs with the redesigned notes to increase circulation. However, the Senate and many Nigerians are requesting an extension of the deadline due to the slow roll-out of the new notes.

Source: Guardian News

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