With less than a month until the deadline of January 31, 2023, the Central Bank of Nigeria (CBN) is reminding citizens that the current series of N200, N500 and N1,000 notes will cease to be legal tender after this date.
Despite complaints about the new naira notes not being widely circulated in the country, CBN is encouraging those in possession of these older notes to use them by January 31 or exchange them at their local bank for the newer ones.
This announcement has prompted a barrage of reactions from Nigerians who feel the deadline was set without adequate number of new notes being made available.
Citizens are criticizing the CBN for setting a deadline without making sure enough new notes were circulated.
Questions have been raised on how it would be possible to comply with the date given when banks are still dispensing old money.
A Twitter user questioned if they could “be serious”, pointing out that ATMs and banks are still issuing old notes which are soon going to become illegal tender.
The Nigerian Senate had earlier called for an extension of the deadline until June 30th 2023 but it appears that Central Bank of Nigeria has taken no heed.
Additionally, Senator Uzor Kalu proposed a deadline of April’s end to allow people more time to deposit their money into banks; however, this extension is not being considered either.
Article updated 2 weeks ago. Content is written and modified by multiple authors.
