The deadline for old naira notes remains January 31 — CBN

The Central Bank of Nigeria (CBN) has stated that the old 200, 500, and 1,000 naira notes will no longer be legal tender in the country after the January 31 deadline.

Following the Monetary Policy Committee meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele reiterated the central bank’s stance.

Emefiele also insisted that Nigerians had been given enough time to exchange their old naira notes for new ones.

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This is in addition to his claim that kidnapping and ransom-taking have decreased since the redesign of the three banknotes.

Many Nigerians have however lamented the unavailability and scarcity of the new notes, decrying that banks up till today, were still giving out the old naira notes to customers with the deadline only a few days away.

Meanwhile, the CBN in its efforts to ensure that everyone is carried along embarked on a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes before the January 31 deadline, however, excluding Lagos and Abuja mobile money/Point of Sales operators from the programme.


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