CBN Insists On Jan 31 Deadline To Phase-out Old Notes

Godwin Emefiele

Central Bank of Nigeria (CBN) has insisted that the January 31 deadline to phase-out old notes remains sacrosanct.

The apex bank had in October 2022 announced that the redesigned naira notes and existing currencies would circulate together until January 31, 2023, being the deadline to end the circulation of old notes.

Part of the reasons for the redesigned notes was to curb excessive hoarding by Nigerians, just as it would curtail counterfeit and ransom payment to terrorists and kidnappers.

Shortly after the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, the CBN Governor, Godwin Emefiele disclosed that the 90 days window given to Nigerians to deposit their old currencies was enough.

He noted that the CBN pleaded with the Deposit Money Banks (DMBs) to extend their working hours, and to work on weekends.

Emefiele hinted that the new currencies are available and there would be no need to extend the deadline for the phase-out of old notes.

The redesigned naira include N200, N500, and N1000.

He stated that the apex bank had mandated the DMBs to load the new notes into their Automated Teller Marchines (ATMs) for Nigerians to have equal access.

“We have increased disbursement of the new notes to them. There is adequate quantity of new notes available.

“Our mint is producing and we are supplying the banks. We have super agents in underserved areas like riverine communities, and CBN staff members have been out on mobilisation.

“We believe that by January 31, the new naira notes would have permeated the nooks and crannies of the country,” he said.

Emefiele said that the CBN had so far received about N1.5 trillion of the old naira notes.

He enjoined Nigerians to quicken the process of depositing their old notes at the banks before the deadline, saying that they should not fear harassment from security agents.

Emefiele said that the bank had pleaded with the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to allow Nigerians deposit their old naira notes peacefully.

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