The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the January 31st deadline for the validity of the old N200, N500, and N1,000 notes remains and will not be shifted for anything.
Recall that on October 26, 2022, the apex bank announced its plan to redesign the three banknotes. President Buhari subsequently unveiled the redesigned N200, N500,, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.
Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, January 24.
Speaking at the meeting, Emefiele said kidnapping and ransom-taking have decreased since the three banknotes were redesigned. He said that the time given for the swap of the old naira notes with new ones should be enough for Nigerians to go to commercial banks and get new notes.
He said, ”I must say that unfortunately, I don’t have good news for those who feel we should shift the deadline, My apologies.”
The reason is that 90 days (we feel it’s 100 days) should be enough for those who have the old currency to deposit it in the banks”.
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