The Central Bank of Nigeria (CBN) has declared that there won’t be extension on when old Naira banknotes will cease to be legal tender in the country.
The apex bank admonished Nigerians to deposit old Naira notes in banks on or before January 31, 2023.
It was noted that the move is to save the economy from sinking when it realized 85 percent of notes are outside the banking system.
The CBN Controller of Ibadan branch, Mrs. Folake Ogundero, stated these in Ibadan, Oyo state capital, during the advocacy campaign to Olubadan’s place.
“We have come here on the instruction of Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON to sensitize the Olubadan-in-council about the 31st January, 2023 deadline for the exchange of old naira notes. Also, to tell them that these notes are available at the ATMs.
“Of course, we have mentioned that there is neither limit nor charges on deposits. We want to encourage the people to go and deposit the old Naira notes before the deadline because there won’t be extension on that date.
“The new designed Naira notes have the same security features just like old Naira notes. You can always check the genuity of them such as the the water mark, security thread and calligraph on the N1000 note. They can always be verified just like the old naira notes. The same Central Bank printed the notes. So, they are all genuine!
“One of the reasons the old Naira notes were redesigned is firstly inline with the best global practices. Ideally, changing of our currency notes should be done within 5 to 8 years. But, we have had these currency notes for a long time in which many people have been hoarding them such as it has tampered with our policy to plan properly because we do not know the amount of money in the economy and we need to know.”
While commending authority for the great innovation, the Olubadan of Ibadan, Oba Senator Lekan Balogun noted that Nigerians most especially his subjects are yet to have reasonable access to the Naira banknotes.
He charged the appropriate authority to see to the limit of the withdrawal for the comfortability of the people.
In her remarks on behalf of Iyalojas, Alhaja Wosilatu Ajoke who is also the Eekarun of Iyalode of Ibadan land charged CBN to take sensitization campaign to their suppliers, adding that market men and women are finding it difficult to both have access to the Naira notes and spending them.
