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 6 months ago. Content is written and modified by multiple authors.
1 comment
the circulation of the new naira notes has on one side been a challenge then the acceptability of the new naira notes on the other hand.i think i flow with the opinion that cbn should withdraw this deadline of a thing and gradually but solemnly withraw the old notes from circulation while also doing more to market the new naira note to the people. market women and local traders, SME’s and more. this is really a better way than fixing a deadline unless we don’t want nigeria to grow from this deadline mentality that has been the way of doing things for years causing disorderly queue,s in accredited collection centers and instituting bribery and corruption when officials take advantage of people’s desperation. . this should stop. SME’s like the ones that produce notepads , diaries like need to be carried along in some type of meeting since they are often the middle line between the local market where you can find an illiterate trader who will tell you that she’ll not collect the new naira because it is light.