Naira
‘100 Days Enough to Deposit Old Currency,’ CBN Insists on Jan. 31 Deadline
CBN has insisted on the earlier announced January 31, 2023 deadline
As pressures and appeals rise for an extension of the deadline for deposit of old naira notes, the Central Bank of Nigeria, CBN has insisted on the earlier announced January 31, 2023 deadline.
Investors King recalls that last year the CBN declared that new N200, N500, N1000 notes will be made available in banks on Dec 15, 2022 and the old currencies will cease to become legal tender by Jan. 31, 2023.
Reactions have trailed the redesigned naira notes and the stipulated deadline due to the slow circulation of the new currencies.
The Senate of the National Assembly, on Tuesday said the CBN should extend the deadline for old notes deposit by six months and compel banks to open naira exchange windows for those who do not have bank accounts.
Reacting to the increasing pressures, CBN Governor, Godwin Emefiele said there is no going back on the deadline given.
Emefiele declared this on Tuesday during a meeting of the Monetary Policy Committee in Abuja.
According to him, 90–100 days is enough to deposit the old naira notes in the bank, adding that the CBN compelled banks to remain open including on Saturdays in order to accept more cash deposits.
He noted that the apex bank is yet to identify any cogent reason why the deadline should be moved as agitated by some section of the people.
“Unfortunately, I don’t have good news for those who say we should shift the deadline. The reason is because 90 days, in fact, 100 days, is enough for anybody who has the old currency to deposit it in the bank.
“We took every measure to ensure all the banks remain open to receive the old currency, including opening on Saturdays. We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele said.