CBN Bows to Pressure, Announces New Deadline

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It will be recalled that the CBN on October 26, 2022, had announced its plan to redesign the three banknotes. The president subsequently unveiled the redesigned N200, N500, and N1000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.

But the supposed President, Major General Muhammadu Buhari (retd.) on Saturday said the naira redesign is not meant to target innocent citizens but corrupt persons and terror financiers hoarding illicit monies.

This is as calls from various quarters have poured in pleading and demanding with the apex bank to shift grounds and extend the deadline in order to allow Nigerians more time to return their old notes to deposit money banks, better known as commercial banks.

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, was one of the latest persons to plead with the CBN for an extension of the deadline, saying as much as the policy was welcomed; a slight extension would ease the discomfort of Nigerians

Meanwhile, Nigerians are complaining that banks up till now are still dispensing the old naira notes to customers through their Automated Teller Machines (ATM) with the deadline only three days away.

It was also reported  that the House of Representatives as well as the Senate had also pleaded with the apex bank to extend the deadline by six months, till July 31, 2023, siting an unspecified monitory policy of the Apex Bank.

But refusing to yield to pressure, the apex bank, via its verified Twitter page, insisted on Saturday evening that the 1-31-23 deadline remains.

The CBN Governor, Godwin Emefiele, from the just concluded Monetary Policy Committee meeting said, “Deadline for the return of old series of 200, 500, and 1000 naira notes remains January 31, 2023.”

He also said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is that just like the president has said on 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 accepting deposits.”

The Central Bank of Nigeria has again said that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remains unchanged.

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