CBN insists on Jan 31 deadline to phase out old naira notes

The Central Bank of Nigeria (CBN) says deadline for the old naira notes of N200, N500 and N1,000 to cease to be legal tender remains January 31.

The Kano Branch Controller, CBN, Alhaji Umar Ibrahim Biu, refused pleas from Nigerians to extend the deadline.

“The old naira notes will cease to be legal tender by January 31, 2023. Pay in your old banknotes to beat the rush,” he said.

The branch controller spoke during the apex bank’s sensitisation tour of the new naira notes in Kano metropolitan markets.

The sensitisation of the new banknotes was held in Wapa Bureau De Charge Market, Galadima, Sabon Gari, Kwari and Kofar Wanbai markets, organised principally for traders.

Ibrahim said the new naira notes had been produced enough for distribution to all the commercial banks in the country.

He threatened to slam sanctions on commercial banks hoarding the newly designed banknotes.

Reacting to complaints that the Automated Teller Machines (ATMs) were still dispensing the old naira notes, the CBN branch controller said the CBN has sent its staff to inspect bank’s ATMs to ascertain those still dispensing old notes for query.

He said the traders have the right to report any bank found either hoarding the new naira notes or charging customers before allowing them to deposit their old naira notes.

“You have the right to report any bank found hoarding the new naira notes or refuse to collect your old naira notes before the 31st January 2023 deadline.

“No bank should refuse to collect the old naira notes until the deadline of 31st January, 2023,” he said.

He told the audience that CBN has directed commercial banks to desist from payment of new naira notes on the counter, except through ATMs, as part of efforts to check favouritism of customers regarding the new currency.

“CBN agents are going round to ensure banks comply with the directive of dispensing the new notes via ATM,” he assured.

He explained that there is no limit to the amount of old N200, N500 and N1,000 banknotes one can deposit in their account.

He said the sensitisation was designed to enlighten the traders on the need to deposit the old notes before the deadline to avoid any loss.

He said the redesign of the naira notes was aimed at checking corruption and addressing inflation as well as boosting the nation’s economy.