Nigeria’s central bank has announced it has no plans to extend the January 31st deadline for replacing old naira notes.
This means Nigerians have less than 7 days to replace their old naira notes with new ones as the deadline date will not be extended.
This was revealed by CBN Governor, Godwin Emefiele in a press briefing at the end of the monetary policy committee meeting held on Monday and Tuesday 23rd and 24th of January 2023.
What Emefiele is saying: The apex bank Governor explained that he did not see any need for a change in the deadline date as there were no indications that customers had issues depositing the old notes.
- He claimed that he did not see any rush to deposit any money at the bank and as such there was no need to extend the deadline.
- Emefiele also mentioned that about N1.5 trillion in currency outside circulation has found its way back into the banking system and that he expected more deposits as we approach the deadline date.
- The central bank governor also revealed he was pleading with the EFCC and ICPC to allow the apex bank to do its job, suggesting they were interfering.
What you should know
The Central bank of Nigeria stated last week that Nigerian banks would work over the weekend to receive old naira notes from customers in preparation for the January 31st deadline. This was also reiterated by Emefiele.
Open on Saturdays: The CBN stated that Banks would work on Saturdays for this purpose, adding there would be no limits on amounts that can be deposited, citing that they have adopted spot checks on various ATMs to ensure compliance by banks.
- “Banks would work on Saturdays for this purpose and there are no limits to amounts that can be deposited.“
- “The CBN team is in Ebonyi to ensure the implementation of the directives as we have not directed any bank to stop collecting old not.”