The Senate has urged the Central Bank of Nigeria (CBN) to urgently extend the withdrawal date of old currency notes from Jan. 31, 2023 to June 31.
Barely 27 days to the deadline issued by the Central Bank of Nigeria (CBN) for the return of the old N200, N500, and N1, 000 banknotes following the currency redesign programme, analysts yesterday urged the apex bank to increase awareness on the initiative, especially among market women, rural dwellers, and other categories of Nigerians at the grassroots.
CBN Governor, Mr. Godwin Emefiele, had on October 26, 2022 announced the central bank’s resolve to redesign, produce, and circulate new series of the N200, N500, and N1, 000 denominations.
Emefiele said the move would help to manage money supply, tackle currency counterfeiting and terrorism, among others.
He explained that while the circulation of the new banknotes would commence on December 15, 2022, the new and existing currencies would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender.
Emefiele had insisted that the January 31 deadline remained sacrosanct, adding that the 100 days provided for people to deposit existing banknotes in commercial banks was adequate.
