Governor of the Apex Bank, Emefiele Say NO to Extension of January 31 Deadline for Return of Old Banknotes

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended.

Emefiele, rather, urged those who might still be holding on to the old banknotes to turn them in, assuring them they would not be harassed by the anti-graft agencies.

The CBN Governor’s comment came just as the Senate and House of Representatives members urged the banking sector regulator to extend the deadline.

Both the red chamber and the green chamber requested for a six-month extension of the deadline. In addition, the House of Representatives set up an ad hoc committee to meet Managing Directors of banks and subsequently with the CBN over the public outcry on the cash withdrawal limit and scarcity of the redesigned naira. They also called on President Muhammadu Buhari to intervene in the matter.

However, addressing journalists at the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja, the first in the year, the CBN governor insisted that the 100 days allowed for anyone to deposit the notes in commercial banks was more than adequate.

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CBN defies Supreme court-- Old naira notes no longer legal tender

In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023. CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday in Bauchi. Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes. But, Andaza insisted the old naira ceased being legal tender on February 10. “For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. “Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated. DAILY POST reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the ca...

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