HomeFINANCEBANKING & FINANCEASSBIFI Supports Extension Of Old Naira Notes' Validity

ASSBIFI Supports Extension Of Old Naira Notes’ Validity

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The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Sunday in Lagos, South-West Nigeria, endorsed the extension of the validity of old naira notes from January 31, 2023, to February 10, 2023.

Its president, Mr Olusoji Oluwole, told the News Agency of Nigeria (NAN) that the decision of the Central Bank of Nigeria (CBN) to extend the deadline was a step in the right direction.

CBN Governor Godwin Emefiele had earlier on Sunday said that the apex bank added a 10-day extension of the deadline of January 31 to February 10, to allow for the collection of more old notes.

He also noted that Nigerians would still have grace period to deposit their old notes directly with the CBN until February 17, 2023.

“It is a step in the right direction, especially in providing more time for the return of old notes after the actual date of invalidation.

“CBN, however, needs to proactively monitor and address sufficient availability and distribution of the new notes.

“It should also increase sensitisation of, and probably incentivising the general public on the cashless policy to reduce the pressure on cash,’’ Oluwole said.

Banks have been contending with increased number of customers rushing to beat the former January 31 deadline given by CBN for the return of old Naira notes which would cease to be legal tender.

New N200, N500 and N1,000 notes became legal tender on December 15, 2022, after they were unveiled by President Muhammadu Buhari in Abuja, Nigeria’s Federal Capital Territory (FCT) on November 23, 2022.

Many bank customers, however, complained that the new notes were not readily available and have yet to circulate adequately four days to the expiration of the then deadline for the old notes to be voided.

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