New naira notes: Senate urges CBN to shift deadline to June 30
The Central Bank of Nigeria (CBN) was urged by the Senate yesterday to push back from January 31, 2023, to June 30, the deadline for removing old naira notes from circulation.
The CBN had previously proposed withdrawing the old notes from circulation from December 15, 2022, to January 31, 2023, when they would no longer be legal tender. The N1,000, N500, and N200 notes would be redesigned in new colours.
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However, the Senate urged the apex bank to extend the deadline to June 30, 2019, in response to a motion sponsored by Senator Ali Ndume (APC – Borno South).
Ndume pointed out that the timing of the Naira redesign policy was incorrect and that since the beginning of the implementation of the policy, the new notes are not in circulation even in cities, let alone villages, in his lead debate on the motion, entitled: “Urgent need to extend the withdrawal of old currency from circulation.”
“Senate notes that many Nigerian banks will open their vaults to customers and depositors on Thursday, December 15, 2022, so they can exchange their old naira notes for the newly redesigned currency, which has a deadline of January 31, 2023,” Ndume said.
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We are aware that some Nigerians are already anticipating a rush and lengthy lines in banking facilities across the nation as a result of people attempting to obtain the new naira notes, which President Muhammadu Buhari unveiled last month at a brief ceremony at the State House in Abuja.
It is anticipated that many Nigerian businesses will begin to reject the old notes as soon as the banks begin dispensing the redesigned notes to customers, despite the fact that the old notes are anticipated to coexist in circulation with the new ones until January 31, 2023, when they are anticipated to be phased out.
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