CBN Governor, Mr Godwin Emefiele
New Naira notes: No going back on Jan. 31 deadline – CBN
Amid complaints by Nigerians over the scarcity of the new Naira notes issued in December, last year, the Central Bank of Nigeria (CBN) has ruled out extending the January 31, 2023 deadline to end circulation of the old notes in the country.
This is also as the regulatory bank appealed to traders to accept the new notes despite complaints over its new redesign, saying it is an offence to reject the new currencies in circulation.
CBN in a Facebook post on its verified page on Friday reminded Nigerians that new notes of N200, N500 and N1000 would cease to be legal tenders by January 31 this year.
The new currency notes were circulated from December 15, 2022, as it urged Nigerians to return the old notes before the January 31 deadline.
“A reminder to the general public that the old series of N200, N500 and N1000 notes cease to be legal tender by January 31, 2023.
”You are once again advised to return them to your bank before the deadline,” CBN wrote.
The newly-redesigned notes of N200, N500 and N1000 denominations were launched by President Muhammadu Buhari on November 23, 2022, and issued by the CBN on December 15, same year.
However, since its issuance, complaints by Nigerians have mounted over scarcity of the currencies at the banks’ Automated Teller Machines (ATMs) across the country, in addition to the ink on the notes’ new design which many say washes off.
Meanwhile, speaking during a sensitisation campaign at the Onitsha market in Anambra State, the CBN expressed dissatisfaction at the situation whereby most people were rejecting the redesigned notes which, it said, is an offence.
The CBN team which was led by the Head of Corporate Communications Department, CBN, Mr. Uche Tobias, said the aim of the campaign is driven by the need to accept the redesigned Naira notes.
According to CBN, the sensitisation will enable the public have an open mind with regards to the redesigned naira notes.
Mr. Tobias who also pointed out that the old N1000, N500 and N200 naira notes will cease to be legal tender by 31st January, 2023, said the CBN has directed all banks to stock their ATMs with the redesigned notes while customers deposit the old notes over the counter on or before the deadline.
The market leaders, operatives of the Nigeria Police Force, staff of commercial banks were on ground for the sensitisation exercise.
