Redesigned Notes: No extension of deposit deadline – CBN

The Central Bank of Nigeria (CBN) went to Jalingo main market on Saturday to enlighten traders and buyers on the importance of depositing their old Naira notes in banks on or before January 31, 2023 to avoid being useless in their hands from February 1st, 2023.

The enlightenment of the market men/women was led by the Director of Financial System and Strategy of the bank, Malam Ibrahim Hassan, advising the marketers and traders that there would be no extension of any form once the deadlines lapses on the 31st of January,

Stressing that the deadline for the deposition of the notes will not be extended, Hassan told the business community, officials of commercial banks and Points Of Sale (POS) operators, who were present in the market, that there was no limit to the amount of money to be deposited by individuals, adding that no charges are attached.

He said the decision to redesign the notes was not targeted at any group of individuals.

“Data has shown a large volume of old banknotes stored at homes by the public has led to a shortage of clean and fit notes,” he said, adding that the new notes will check the spread of counterfeit notes and strengthen the economy as well as reduce expenditure on cash management.

He also said the naira was due for redesign as the global standard for redesigning is five to eight years.

Aligning his weight to that of Hassan, Malam Ahmed Mustapha of the currency unit of the CBN told the people that the new notes met all the required standards and should be accepted for transactions by all.