Senate advises CBN to extend deadline for phasing out old Naira notes

The Senate has urged the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31st to June 30th, 2023.

The senator representing Borno South, Ali Ndume raised the alarm over the January 31st deadline.

According to him, the notice given by the CBN is too short, considering the few banks in Borno and Yobe states and the inability of people in these states to lodge the old notes in time to meet the deadline.

The CBN Governor, Godwin Emefiele on October 26, 2022 announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes the redesigned notes will limit cash in circulation and therefore restrict the deplorable activities of ransom-demanding kidnappers as well as politicians set on rigging the upcoming elections.

The CBN Governor, Godwin Emefiele maintained that there would be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.