Nigerian Senate orders CBN to extend old Naira notes deadline

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The Central Bank of Nigeria (CBN) has once more been requested to extend old naira notes deadline to 31 July, 2023 by the Nigerian Senate.

On December 15, the newly redesigned N200, N500, and N1000 notes entered circulation. The apex bank set a withdrawal deadline for the old notes of January 31, 2023.

Remember that the Senate had instructed the CBN to extend the deadline in December 2022, but the top bank rejected the resolution.

As the deadline approaches, this has spread panic throughout the nation. Thousands, particularly those living in rural areas, have flocked to banks to exchange their old notes for new ones.

Senate order to CBN

In addition, the MPs expressed disappointment that the CBN had maintained the January 31 deadline in spite of strong public protests.

In order to give Nigerians, particularly those in rural areas, additional time to exchange their old notes, the Senate consequently requested from the CBN an extension of the deadline of six months.

The Red Chamber urged the CBN to mandate that commercial banks open naira exchange counters so that people without bank accounts may exchange their old naira notes.

The National Assembly leadership told Senate President Ahmad Lawan that they would see to it that the CBN carried out the resolution.

He asserts that the decrease in kidnapping and ransom-demands is due to the redesign of the three banknotes.

He added that Nigerians have enough time to visit commercial banks and obtain new notes by the deadline set for the exchange of old for new naira notes.

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