- The Central Bank of Nigeria has once again said that there would be no extension of the deadline for the return of old naira notes
- Nigerians are mandated to deposit the soon-to-be outdated naira notes by January 31, 2022
- There were hopes that the CBN would extend the deadline day, but as of right now, nothing has changed
Despite the pressure, the Central Bank of Nigeria has repeated its position that the deadline for the return of old naira notes, which is January 31, 2023, would not be extended
Responding to questions during the first Monetary Policy Committee meeting on Tuesday, 24 January 2023 in Abuja, CBN Governor Godwin Emefiele stated that Nigerians have been given enough time to return the old notes.
There have been concerns from many Nigerians over the slow spread of the new naira notes leading to calls for the deadline date to be extended.
“We can’t get food”: Governors, traders, other Northerners cry out over scarcity of new notes
Emefiele stressed that there are various measures to ensure that Nigerians can submit their old naira notes.
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CBN defends deadline date
Banks opening on Saturdays is one such step; nevertheless, Emefiele maintains that many Nigerians are not taking advantage, Channels reports.
Emefiele also added that the CBN also 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.
Another is the cash swap programme targeted at Nigerians living in rural communities.
“I don’t have good news for those who feel we should shift the deadline; my apologies
“The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.
CBN deadline: Family rejects old naira notes as bride price in Niger
“It is also important to note that kidnapping and ransom-taking have reduced since the three banknotes were redesigned.”
Experts predict naira exchange rate to US dollar in 2023
In another report, calabargistblog.com.ng revealed that the Nigerian currency naira had a tough 2022 trading against the dollar and other foreign currencies.
Experts have taken turns making predictions for the new year, and they feel it will be either good or more troubles.
The federal government in its 2023 budget set the naira to the dollar exchange rate at N435.57/$ for 2023.
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