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New Naira: CBN Replies Senate, Miyetti Allah, Nigerians on Old Notes Deadlines 23 Days Before Circulation
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New Naira: CBN Replies Senate, Miyetti Allah, Nigerians on Old Notes Deadlines 23 Days Before Circulation

by  Dave Ibemere 2 min read
  • The Central Bank of Nigeria has responded to Miyetti Allah and bank clients pleading to extend the deadline for returning outdated currencies
  • It is now 23 days until new Naira notes enter circulation, and the CBN has set a January 31 deadline for the return of old notes
  • President Buhari is set to unveil the new naira notes during the FEC meeting in Abuja on Wednesday

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The Central Bank of Nigeria has ruled out the option of extending the deadline for returning old naira notes.

There have been calls, including from the Senate, that CBN should reconsider January 31, 2023, deadline for rejecting the old N200, N500 and N1000 naira notes.

The Miyetti Allah cattle Breeders Association of Nigeria (MCBAN) also pleaded while listing various reasons for CBN to extend the deadline.

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CBN new Naira notes
CBN says no plan to extend deadline date Credit: @cbn
Source: Getty Images

However, Governor of the CBN, Godwin Emefiele, in his reply on Tuesday, the 22, insisted that the deadline for the new naira notes would not be extended.

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Emefiele stressed that January 31, 2023, deadline is sacrosanct.

His words:

“No, we will not shift any deadline, what we have done is not against the law; it’s in tandem with the law.
“We announced this programme on October 26, 2022, and we said upon release of the new currency, the legal tender status will run concurrently with the old currency till 31 January 2023.
“That is almost 100 hundred days, 100 days is enough for any person in any part of Nigeria to deposit his money in the bank and get ready to withdraw cash when the new notes are released."

Meanwhile, Emefiele has revealed that President Muhammadu Buhari will unveil newly designed N1,000, N500, and N200 notes on November 23, 2022.

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Features of New naira notes as Nigerians wait for D-day

Nigerian banks announce new working days, closing time

Meanwhile, Nigerian banks have announced changes to their operating hours in order to assist Nigerians holding soon-to-expire Naira currencies

The banks have already announced that they have delivered notifications of their working hours via their social media channels and customers' emails

Details of the contents of their emails and changes were captured by Legit.ng in this report.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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