CBN Insists On January Deadline For Expiration Of Old Naira Note

Balikis Busari

There is no indication that the Central Bank of Nigeria (CBN) would be extending the date for the expiration of the old naira note, as it insisted on the 31st of January, 2023 deadline.

The apex bank made this known to the public through its Director of Corporate Communication, Mr Osita Nwanisobi, while responding to complaint that the Deposit Money Bank (DMBs) does not have access to the new note.

According to him, as far as I am concerned, nothing suggests that it cannot be met. For us 31st of January remains the date to face out the old notes in the country.

He, therefore, noted that the circulation of old notes would be banned starting from January 31st and would not be distributed in any of the banks operating in Nigeria .

Nwanisobi, however, noted that the CBN is concerned about claims by Nigerians that the regulator might extend the date to ban the old notes. But assured the general public that the date will not be extended as far as it’s hasn’t been mentioned.

He, therefore, urged Nigerians to be patient and see the constant changes that is about to happen.

Meanwhile, the central bank has dismissed speculations over the inadequacy of the new notes in the DMBs, saying the banks have enough new notes to circulate across the nation ahead of the January 31 deadline when old notes will cease to be a legal tender.

It clarified as well that it did not ban the banks from paying customers the new notes over the counter, pointing out that the directive to the banks to dispense new notes via Automated Teller Machines (ATM) was to complement over-the-counter transactions and increase the circulation of the redesigned notes.

The apex bank had directed the banks to load their ATMs with only new notes to ensure that the currency circulates across the nation ahead of the January 31 deadline.