New naira: No reason to shift Jan 31 deadline, says CBN

Alade Abayomi ADeleke
Alade Abayomi ADeleke
Godwin Emefiele

Oluwanifemi Ojo


The governor of Central Bank of Nigeria has again stated that the deadline for phasing out the old note remains January 31.


This was said in a video from the just concluded Monetary Policy Committee held on Saturday. The video was posted on the verified Twitter page of CBN stating that the set deadline cannot be changed.


Having heard the plea from different stakeholders and citizens, demanding an extension because of the challenge of accessing the new note or depositing their old currency, the CBN has still insisted on the set deadline.


The CBN Governor, Godwin Emefiele stated, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.”


The governor speaking in the posted video said “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.


“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.


” We called on the bank to extend their working hours and also work on Saturdays. Therefore, we do not see any reason to begin to talk about a shift because people could not deposit their old money onto their banks”

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