VIDEO: Despite Senate plea, CBN refuses to extend old naira notes deadline

The Central Bank of Nigeria (CBN) has refused to extend the deadline for old naira notes despite a plea by the Senate.

NewsWireNGR reports that the CBN had last year announced the legality of the old naira N200, N500, and N1000 notes shall expire by January 31, 2023 after which only the redesigned version would be legal tender.

The senate, however pleaded with CBN to extend the deadline for the withdrawal of old naira notes from circulation from January 31, 2023, to June 30, 2023.

The CBN Governor, Godwin Emefiele, while reading the communiqué of the first Monetary Policy Committee meeting of the year on Tuesday, said the “100 days from when the announcement was made, to the expiration date was enough for Nigerians to deposit their old notes”.

A lot of Nigerians have, however lamented the scarcity of the old naira notes despite the CBN order for its circulation.

The CBN has repeatedly promised Nigerians there were enough redesigned notes to circulate and that Automated Teller Machines (ATM) across the nation were expected to start dispensing new notes by January 19.

This was not the case, as most customers who withdrew via the ATM or on the counter received the old notes.

He stated that 100 days from when the announcement was made, to the expiration date was enough for Nigerians to deposit their old notes.

Originally tweeted by NewsWireNGR (@NewsWireNGR) on 2023/01/24.