CBN speaks on a date for depositing old Naira notes

Ilesanmi AdekanbiJanuary 21, 2023

2 minutes read

The Central Bank of Nigeria (CBN) has warned that the January 31, 2023 deadline to halt the use of the old 200, 500 and 1000 Naira notes would not be extended.

The bank urged all Nigerians to make good use of the window that allowed for the return of the old notes to commercial banks in order not to suffer financial losses.

The Director of the Financial Markets Department of the Bank, Dr Angela Sere-Ejembi sounded the warning on Thursday in Makurdi when she led a team to Benue state to sensitize the people and also monitor commercial banks’ compliance to the apex bank’s directive on the issuance of the redesigned new Naira notes expressed satisfaction with the compliance level in the banks her team had so far visited.

On the team’s mission in the state, she said, “we are here to sensitise the people about the new Naira notes and the need for the populace across Benue state to embrace it and ensure that come 31st January 2023 all the old notes in their possession should have been exchanged for the newly redesigned notes because beyond that date there is not going to be an extension of the exchange of the old Naira notes.

“We do not want anybody in any village or hamlet here in Benue to be stuck even with a single unit of the old notes. It is a nationwide exercise because we do not want anyone having the old notes in their possession at the expiration of the deadline.”

“And so far all the banks that we have visited are complying with the directive and we have evidence of their compliance. At the ATM machines which is the first medium of cash dispensation to the public, there is total compliance.

‘To ensure that we record expected success we are going all out with jingles, we are going to markets everywhere to ensure that no one is left behind.

“We are going around the Local Government Areas, LGAs of the state and we are meeting the traditional rulers including the Tor Tiv, the Ochi’Idoma as well as the paramount ruler of Igede land. So we are getting to everyone to ensure total success.

“We are not concentrating on the cities because it is a soft sell, where we are concentrating is the rural communities where you have the poor villagers and rural dwellers who may be stuck with the old notes if not reached. We will get to all of them”

Also, a Deputy Director of the Bank Mrs Owugar Akinbode who also led a team of inspectors assured that the apex bank had enough currency for all the banks, saying “they can come and pick and distribute them and we will continue to monitor them.

“We also appeal to Nigerians who are rejecting the new redesigned currency to please accept them because we are not changing our date, it is still January 31. Give us back the old notes and you will have the new ones for use.”

In some of the banks visited, some of the customers including Jame Obi who said he was seeing the new notes for the first time commended the apex bank for embarking on the visit to enlighten the people and also ensure compliance by commercial banks saying it would enable the people rejecting the new note to have a rethink.