Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has apologized to those anticipating
an extension of the January 31 deadline for the Naira redesign policy.
In his words: “I must say that unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies. The reason is that 90 days should be enough for those who have the old currency to deposit it to the banks.”
Emefiele, who spoke on other issues, made the apology on Tuesday afternoon, at the end of the first 2023 Monetary Policy Committee (MPC) meeting in Abuja.
TheNewsGuru.com (TNG) reports that there had been doubts the apex bank might be unable to meet the January 31 target.
This is more so as some Nigerians have expressed worries and disappointment over the scarcity of the new naira notes and the apex bank’s handling of the process.
Recall that the CBN announced in October last year that it planned to redesign, produce, and circulate new series of N200, N500 and N1,000 notes. The three notes represent the highest denomination of Nigeria’s eight legal tenders.
Following the launch of the new designs on November 23, 2022, by President Muhammadu Buhari, the new currency notes were circulated from December 15, 2022, with both the new and existing notes considered legal tender until January 31, 2023.
TheNewsGuru.com (TNG) correspondent who visited most banks in the Agbara area of Lagos State, today, observed that their ATM machines were still dispensing old notes to their customers. Also, over-the-counter customers were being given old notes.
At the UBA Bank branch in the bank road of Agbara area of Lagos, who as at 3pm stopped customers from entering the bank, our correspondent upon using the ATM observed that old notes of N500 and N1000 denominations were being dispensed to customers. The same was observed in other banks at the location.
Efforts made by our correspondent to speak with the bank’s (UBA) Branch Manager were thwarted by their security personnel, as gates were locked at 3 pm to avoid any entrance into the bank.
Also, some of the PoS operators doing business within the Agbara area of Lagos said that they did not have new notes to give to their customers, adding that in a bail of N100,000 they got from the bank, only N1,000 new notes were issued to them.
Amid the concerns about the scarcity of the new notes, CBN, today, reiterated its no turning back on January 31, 2023, deadline for old currencies to be phased out from circulation.
TheNewsGuru.com (TNG) gathered that the apex bank had issued a directive to the banks and ordered the implementation to begin immediately.
However, barely seven days to CBN deadlin, many banks in the rural areas of Lagos State have not complied with the directive by the apex bank as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes.
Although the CBN maintained that the current series of N200, N500 and N1,000 notes would remain legal tender until its January 31 deadline, it however, advised Nigerians to ensure they deposited all the old N200, N500 and N1,000 banknotes in their possession before the deadline.
