The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the January 31 deadline to stop the circulation of old naira notes in the country will not be extended.
The CBN Governor said that the 90 days period of grace to Nigerians to take their old currencies to the bank was enough and urged people to ensure that they beat the deadline.
Emefiele who spoke after the Monetary Policy Committee meeting in Abuja on Tuesday, said that calls for extension were not conceivable as the new notes are available.
The CBN had announced the policy to redesign the N200, N500, N1,000 notes, in October 2022 and fixed January 31 as the deadline for the circulation of the old notes in the country.
The decision has triggered reactions as some segments of the society including the Senate demanded an extension of the deadline.
Emefiele insisted that he doesn’t see the reason why the date should be extended as the apex bank has taken every measure to enable the public to deposit their old notes before the expiration of the deadline.
“I don’t have good news for those who feel we should shift the deadline; my apologies,” Emefiele said.
He explained further that the CBN met with
the Deposit Money Bankers and directed them to extend their working hours and ensure that they work on Saturdays to enable Nigerians to heat the deadline.
He also restated that the CBN has issued a directive to the DMBs to feed the new Naira notes to Automated Teller Machines (ATMs) for the use of Nigerians
He explained that the apex bank has increased disbursement of the new notes to the banks for circulation to Nigerians stressing that there are enough new notes available.
He said further that “Our mint is producing and we are supplying the banks. We have super agents in underserved areas like riverine communities, and CBN staff members have been out on mobilisation.
“We believe that by January 31, the new Naira notes would have permeated the nooks and crannies of the country.”
According to him, the CBN has so far received around N1.5 trillion of the old notes.
He urged security agencies like the Economic and Financial Crimes Commission and the Indepedent Corrupt Practices Commission “to allow Nigerians deposit their old Naira notes.”