CBN insists January 31 is deadline for old notes amidst new notes scarcity
Amid concerns about the scarcity of new naira notes, the Central Bank of Nigeria (CBN) has insisted that January 31, 2023 remains the deadline for old notes to remain in circulation.
Guardian reports that the apex bank reiterate its stance via it’s official Facebook page.
It maintained that “the current series of N200, N500 and N1,000 notes would remain legal tender until the deadline of January 31, 2023,”
Also, in its Twitter handle, it stated that there will be no extension for the use of the old notes beyond January 31, advising Nigerians to ensure they deposited all the old N200, N500 and N1,000 banknotes in their possession before the deadline of January 31, 2023.”
Despite CBN stance, over the counter cash transactions within banking halls are still being done majorly with old notes, including withdrawals, instead of new notes. Even the Automated Teller Machines (ATM) dispense old notes.
The CBN’s Deputy Governor in charge of financial system stability, Aisha Ahmad, told the House of Representatives during a public hearing on the implementation of CBN cashless policy and the new withdrawal limits that the CBN had ordered the printing of 500 million pieces of new naira notes in the first contract.
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