Old Naira Notes: Senate Asks CBN For Extension

Posted by Nwa Diokpa Business News, Latest Headlines Thursday, December 29th, 2022

(AFRICAN EXAMINER) – The Senate has enjoined the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes.

African Examiner recalls that the CBN had initially stated that from January 31st the old notes will fizzle out.

However, the senate wants the date to be extended to June 31st, 2023.

The recommendation came after a motion by the senator representing Borno South, Ali Ndume who was of the view that the January 31st deadline is too short.

According to Ndume, the notice given by the CBN is too short, because of the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.