Old Naira notes: Senate wants extension of CBN deadline to June 30th, 2023

The Senate has requested that the Central Bank of Nigeria (CBN) extend the date from January 31, 2023, to June 30, 2023, for the phase-out of the old N1,000, N500, and N200 notes, Asonaija reports.

During plenary in the Senate chambers, Borno South’s senator Ali Ndume made the recommendation. Given the “few” banks in Borno and Yobe states and the “inability” of residents of these states to deposit the old notes on time to meet the deadline, Ndume claims that the notice provided by the CBN is too brief.

Remember that the redesign of the three bank notes was announced by CBN Governor Godwin Emefiele on October 26, 2022. He also stated that the old and new currencies would continue to circulate side by side until January 31, 2023, when the old notes would cease to be legal tender.

The central bank is confident that the revised notes will reduce the amount of cash in circulation, which will stop politicians from rigging next elections and ransom-demanding kidnappers from engaging in their despicable activities.