Old Notes: January 31st Deadline Will Not Be Extended, Emefiele Insists

The Central Bank of Nigeria says the January 31st deadline is slated to stop receiving old naira notes as legal tender will not be extended.

The apex bank governor, Godwin Emefiele, stated this after the apex bank’s Monetary Policy Committee meeting in Abuja on Tuesday.

Emefiele also insisted that enough time had been given to Nigerians to swap their old naira notes for new ones.

This is as he also said that kidnapping and ransom-taking had reduced since the three banknotes were redesigned.

There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

The CBN also recently directed commercial banks to halt over-the-counter payment of the new notes and load their Automated Teller Machines (ATMs) with the redesigned naira notes to boost circulation.

The apex bank also launched a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes for new notes before the deadline.