2023 GOVERNORSHIP AND
STATE HOUSE OF ASSEMBLY ELECTIONS
Senate asks CBN to extend deadline for old naira notes till July 31, as CBN insists on January 31 deadline
…raises interest rate to 17.5%
The Senate has once again asked the Central Bank of Nigeria (CBN) to extend the deadline for the stoppage of the use of old naira notes from January 31 till July 31, 2023.
With one week to the deadline for the termination of the use of the old naira notes, federal lawmakers in the Senate said the policy should be extended as banks are still dispensing old naira notes because of insufficient new naira notes.
The lawmakers also lamented the hardship the policy is causing Nigerians as they said there are long queues at banks across the country because people are trying to deposit their old notes and get new ones.
Some legislators also asked the Senate to concur with the House of Representatives which had earlier called for an extension of the policy and compel the CBN Governor, Godwin Emefiele to extend the deadline.
January 31 Deadline For Old Naira Notes Remains, CBN Insists
The Central Bank of Nigeria (CBN) says its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.
The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The CBN also raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.
According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.
He also said the time given for the swap of the old naira notes with new ones were enough for Nigerians to go to commercial banks and get new notes.
The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.
There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.
The CBN also recently 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.
The apex bank also launched a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes for new notes before the deadline.
However, the House of Representatives, the Senate and the Nigeria Governors’ Forum have asked the CBN to extend the date to enable more Nigerians get the new notes.
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