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CBN deadline: No scarcity of new naira notes – Godwin Emefiele

CBN deadline: No scarcity of new naira notes – Godwin Emefiele

This was revealed in Jos by Godwin Emefiele, the CBN Governor, who was represented by Musa Jimoh, Director of the bank’s Payment System Management Department.

The Nigerian Senate urged the CBN to extend the deadline by six months, but the CBN insists on sticking to the January 31st deadline.

The CBN stated that there is an adequate supply of the new notes at commercial bank ATMs and urged banks to refrain from withholding cash.

”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.

”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

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The Governor of the Central Bank of Nigeria also advised Nigerians to deposit old notes before the deadline, emphasizing that there is no going back. He also stated that the decision to redesign the currency is in accordance with global standards, noting that they are supposed to be redesigned every five years, but Nigeria took nine years since the last design.

Emefiele added that the Monitoring and Sensitisation project aimed at addressing cash circulation issues in order to raise awareness about the use of agents to circulate cash in under-banked communities.

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“The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.

”We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available.”

The Nigerian Senate this week urged CBN Governor Godwin Emefiele to extend the January 31st deadline for the withdrawal of old naira notes to July 31st, 2023.

The Senate said it was necessary to extend the deadline and urged banks to open an exchange window where people without bank accounts could exchange their old notes for new notes. They stated:

“The Central bank should immediately extend the use of the old notes by six months from January 31st to July 31st 2023 with immediate effect; “The Governor should compel banks to open an exchange window where people who don’t have a bank account can exchange their old notes with the new note.”

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