Group seeks deadline extension for acceptance of old Naira notes

With less than 16 days to the expiration of the January 31 deadline for acceptance of old Naira notes as legal tender in Nigeria,  National President, Nigeria Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), Anthony Abakpa, has called on the Central Bank of Nigeria (CBN) to as a matter of national importance, extend the deadline.

Abakpa who spoke at the weekend said it is imperative for the CBN to extend the deadline because of Nigerians who live in rural areas where there are no banks, and must travel a great distance before they can carry out banking transactions, including PoS.

“We will also love it if they can extend it for every individual to be able to deposit their old notes. We advise that there should be a little extension like a month so that everybody can deposit the old notes.”

Already, there are strong indications that a new date may be announced before or during the CBN Monetary Policy Committee (MPC) meeting coming up on Wednesday, January 25, 2023.

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As it has become clear that the apex bank has not supplied sufficient new currency notes to the banks, deadline extension is imminent. Even many of us in the CBN have not seen the new notes.

The absence of the CBN governor has also clouded the issue and that is why no statement has been made regarding the extension of the deadline.

A top bank official said on Friday that “from the look of things, most certainly, a new deadline may be announced before the end of the month or during the MPC meeting coming up between January 24 and 25.”

According to him, a new date may be announced before or during the CBN Monetary Policy Committee meeting coming up on Wednesday, January 25, 2023.

He stated, “It is clear that the CBN has not supplied sufficient new currency notes to the banks. Even many of us in the CBN have not seen the new notes. The absence of the CBN governor has also clouded the issue and that is why no statement has been made regarding the extension of the deadline.

“From the look of things, most certainly, a new deadline may be announced before the end of the month or during the MPC meeting coming up between January 24 and 25.”

The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers.