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What to Expect as Nigeria’s Old Currency Deadline Approaches

by NaijNaira
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Redesigned naira notes everywhere yet there are none in the Banks

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Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), has firmly declared that the January 31st deadline for the old currency notes is absolute.

Despite this, many Nigerians still face a difficult situation over the new policy announced by CBN.

Bola Tinubu, presidential candidate of All Progressives Congress (APC) at his rally in Ogun State capital Abeokuta thinks that the policy was directed towards him.

This has since caused an uproar among both chambers of the National Assembly which requested an extension to 6 months while CBN refused to heed their call.

Regardless, that threat from a warrant of arrest has not cooled down Mr. Emefiele who turned down two successive House invitations.

The lawmakers however upheld section 20 of the CBN Act which requires all commercial banks to continue accepting old currency even after deadline expiration even when banks continued to abide by the directive from CBN on no extensions.

Mrs Dolapo Michael, a Yaba area trader in Lagos expressed her difficulties regarding N200 denomination being scarce leaving her with lots of unused N200 bills inside her box.

Her misfortune is similar to many other Nigerians present today under such conditions.

To hedge against great pressure expected by Monday First Bank announced Saturday and Sunday openings but only for cash deposits of series 200, 500 and 1000 notes set for recall ending January 31st.

The speaker Femi Gbajabiamila concluded that provision 20(3) CBN Act should be met fully despite the established deadline by the apex bank while responding to bankers’ complaint at the House meeting on Thursday that they are getting limited new versions than required due to how it gets rationed out between different entities among them Sterling Bank Kaduna having N150 million weekly while Kano division share N100 million among all branches in it’s vicinity and Access Bank themself paying out only 10% money collected from customers till present day amid scarcity infection amongst citizens.

Lessage Hakeem Liadi based in Isanlu Kogi State claims thugs have successfully blocked road leading Kabba-Ilorin thus forcing majority general public depend on POS operators as a substitute bank solution but also subjecting each N1000 purchase request upcharge with an additional N100 fee.

This crisis communication seems to impose lag period of at least immediately after post February 1st start date unless Central Bank deploys more agents with new currency models as well actualizing economist Lekan Olaleye expectation concerning progress towards cashless economy as instructed given desire minimalize political vote buying kidnap opportunity beneath law together stimulating economic flows within country limits plus further extending boundaries given outside market penetration possibilities.

This article was updated 3 months ago

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