The Central Bank of Nigeria has extended the deadline for the swap of old Naira notes (N200, N500 and N100) for the newly redesigned ones from January 31st to February 10, 2023.
A statement signed by the Governor of the Central Bank of Nigeria, Godwin Emefiele on Sunday morning, said President Muhammadu Buhari approved the 10-day extension after a review of the process which he said has achieved about 75% of its target of bringing the N2.7 trillion Naira in circulation but that’s out of the banks back into the system.
The CBN had given a deadline of January 31st for the circulation of the old notes when President Muhammadu Buhari unveiled the new notes on November 23, 2022 at the State House Abuja. Emefiele had said the old notes will coexist with the new notes which started circulating on December 15, 2022.
But the circulation of the new notes has been problematic as Nigerians are unable to access the new legal tender even from the Deposit Money Banks (DMBs). The banks have accused the CBN of not supplying them with enough notes while the CBN has in turn accused them of sharp practices. The apex bank on January 5 instructed them to stop over-the-counter payment of the new notes but disburse only through their Automated Teller Machines to ensure that all customers regardless of their status are able to access the notes. The policy failed to yield much positive results as bank customers are still unable to get the new currency either over-the-counter or through the ATM. This has made several groups and individuals to call for an extension of the deadline so as to allow for the new notes to circulate and not create tension for Nigerians.
Already, traders are rejecting to be paid with the old Naira notes in Lagos. Network8newstv reporter got a first-hand experience at two different places in Lagos at the weekend. A local restaurant at Agidingbi area of the city rejected the old notes that he gave in exchange for a plate of food purchased from the restaurant at about 3.45 pm on Saturday. The transaction was concluded with a transfer of a sum N1,200 into a bank account provided by the cashier. Also in Shomolu, an orange seller initially rejected an old one thousand Naira note presented for the purchase of the fruit citing the approaching January 31st deadline. When asked if she had a bank account to which the sum (N1,000)can be transferred, she replied in the negative but the thought of losing the sale made her to have a change of mind and she reluctantly accepted the old note.
The Sunday-morning announcement will come as a relief to many Nigerians who have been lamenting the non availability of the new notes. Some could be heard lamenting openly their inability to access the new currency from the ATM in Street conversation listened to by our correspondent at Shangisha area on Sunday morning. It was also observed that many Lagosians at Opebi, Ikeja area, trooped out to some of the ATMs dispensing the new notes at one of the new generation banks located at Adebola House, Opebi. Another ATM belonging to an old generation bank in the same premises was deserted.
Mr Emefiele said that the CBN will give Nigerians who still have their “legitimately earned”Naira trapped ” A 7-day grace period, beginning on February 10 to February 18, 2023, in compliance with Sections 20 (3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”
