HomeFINANCEBANKING & FINANCECBN Sticks To January 31 Deadline For Old Naira Notes

CBN Sticks To January 31 Deadline For Old Naira Notes

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The Central Bank of Nigeria (CBN) is sticking to its deadline to retire the old N200, N500 and N1,000 notes as legal tender by Sunday, January 31, 2023.

Nigeria’s apex bank indicated via its official twitter handle @cenbank its resolve to have those in possession of the old Naira notes to have these exchanged for the redesigned new versions by that day or risk losing them as legal tender.

“The current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023,” the CBN tweeted.

It would be recalled that the CBN had last October announced Nigeria’s latest currency change exercise in a long while, including the intention to render the old versions of the N200, N500 and N1,000 notes, the trio specifically targeted for redesign, non-legal tender by January 31, 2023.

While the National Assembly has requested that the CBN shifts from the January 31, 2023, by extending the deadline, the apex bank’s latest tweet Friday, barely three weeks to the expiration of the deadline, could be indicative of its fixed mindset on the issue.

Analysts are, however, projecting that, going by the prevailing low level of circulation of the newly redesigned Naira notes, even in the face of the fast-approaching deadline, the CBN must take prompt measures in meeting the supply shortfall to banks.

Anything short of the apex bank ensuring that banks have adequate supplies of the new N200, N500 and N1,000 as well as other denominations within the modest timeframe before the January 31, 2023, according to the analysts, the CBN will merely be engaging in a high-handed exercise that will cost an already impoverished populace further economic headaches through possible failure to exchange their old N200, N500 and N1,000 notes.

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