Federal Government Extends deadline for Old Naira Notes

Federal Government Extends deadline for Old Naira Notes

The Federal Government of Nigeria has announced an extension of the deadline for the old naira notes. The new deadline is 10th February. The extension is to allow citizens more time to exchange their old notes for new ones at their nearest banks or financial institutions.

This extension came as a surprise to many Nigerians, as the original deadline, January 31st, 2023, was not favorable.

The 10-day extension comes after requests from the public, who were facing difficulties in exchanging the old currency in banks due to limited time which led to long bank queues across the country.

The governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, made the announcement on Sunday at Daura, Katsina State, the country home of Nigeria's president, Muhammadu Buhari.

The CBN Governor said that the decision was taken to ensure that Nigerians had sufficient time to exchange their old notes following an extended public outcry over the previous deadline. He added that the CBN will continue to provide the necessary support to ensure that the transition of the new Naira notes is smooth.

The CBN has also announced that all old Naira notes can be exchanged at all commercial banks in Nigeria and that individuals can also exchange their old notes at the CBN branches located in major cities across the country.

This extension is a welcome relief to many Nigerians who were not able to exchange their old notes in time. It is also a necessary measure to avoid economic instability in the country.

The old naira notes will no longer be legal tender after the new deadline. The Federal government, therefore, has urged all Nigerians to take advantage of the extension and exchange their old notes as soon as possible.

Background Story

Recall that Nigeria has changed the design of its currency, the Naira notes last year. The Naira redesign affected the highest denominations of the Nigerian currency including N200, N500, and N1000. The Central Bank of Nigeria announced the changing of the look of the Naira on last year October.

The new Naira note was unveiled on November last year, by the Nigerian president, Muhammadu Buhari. Since the launching of the new Naira, CBN has announced that the old note would cease to be a Nigerian legal tender by January 2023. Meanwhile, Nigerians have not been able to abide by the CBN's deadline.

Many have blamed the Central Bank of Nigeria for not releasing enough new notes to circulate across the country, a claim the apex bank has denied. Even commercial banks were issuing old notes to customers last week, leading to tension across the country.

By extending the deadline for the old Naira note, the Federal Government has demonstrated its willingness to take into account the wishes of its citizens in 2023, unlike in previous years.

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