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Tuesday, January 31, 2023
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N1.6trn Old Naira Notes Deposited So Far as CBN Refuses to Extend January 31 Deadline

The CBN Governor, Godwin Emefiele said this on Tuesday during the first Monetary Policy Committee meeting of 2023.

The CBN launched redesigned N1,000, N500 and N200 notes in December with a deadline to withdraw the old notes on January 31, 2023.

Emefiele said, “Unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies. The reason is because just like the President has said on more than two occasions and even to people privately, for us 90 days or 100 days we feel is enough for anybody who has money or old currency to deposit it in the banks.

“We took every measure to ensure that all the banks were open or remain open to receive the old currencies. One hundred days we believe is more than adequate. We called on the banks to extend banking hours and keep doors open on Saturdays. The banks did not have any reason to even keep their banking halls open on Saturday neither did they see the kind of rush. It was the normal people who came and deposited in the banks.

“We do not see any need to talk about a shift because people could not deposit their old money into their banks. About the circulation of the new currency, we said the currency was available.”

Source: Thewhistler

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