Why We Will Not Extend Naira Notes Deadline – CBN
Business News, Featured, Latest Headlines Tuesday, January 24th, 2023
(AFRICAN EXAMINER) – Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that the apex bank will not postpone the deadline to stop the use of the old 200, 500 and 1000 Naira notes.
Emefiele stated this in the CBN/Monetary Policy Committee (MPC) briefing in Abuja, on Tuesday, January 24, 2023.
The African Examiner recalls that earlier today, the Nigerian Senate tasked the CBN to extend the mop-up deadline to July 31, 2023 however the CBN governor declined this directive.
“I don’t have good news for those who feel we should shift the deadline; my apologies,” Emefiele said.
“The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.”
The African Examiner writes that the CBN had set the deadline for the termination of the old Naira notes as legal tender on January 31, 2023.
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