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CBN building, Abuja
By Celestine Ihejirika, Jalingo
The Central Bank of Nigeria (CBN) has insisted that there will be no extension of deadline after January 31st ultimatum issued to Nigerian public to dispose the old naira bank notes
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Speaking in a one-day sensitization program in Jalingo on Saturday, the representative of CBN and Director, Financial System Strategy, Ibrahim Hassan, said the decision has become imperative in view of the large volume of bank note hoarding by the public thereby resulted in the increase of counterfeit in the country.
He explained that only three of the eight current denominations are redesigned and these include: the N200, N500, N1000 respectively while other notes of denomination of N5, N10, N20, N50 and N100 naira are not affected in the exercise.
According to him, CBN has suspended all forms of charges on bank deposits from now till January 31st, 2023 to enable customers to make their deposits.
Hassan informed the general public that CBN has no plan to introduce new naira notes such as N2000 and N5000 bank notes as being speculated across board, adding that there was no limit of deposit of N200, N500 and N1000 bank notes by individuals or cooperate bodies until January 31st.
He further informed the market men and women in the state that all branches of Central Bank of Nigeria and select branches of all commercial banks will work from Monday to Saturday to enable the public deposit the affected bank notes in their possessions till the expiring date.
He also informed the public that the CBN has no plan to remove or introduce new inscription on the naira notes, pointing out that there was no outright exchange of new Bank notes for old N200, N500, N1000 notes saying that customers are encouraged to explore other payment channels such as eNaira, POS, Electronic Transfer, USSD, Internet Banking and mobile money operators/agents for their economic activities.
The event was witnessed by large number of traders comprises men, women and youths in the state and beyond.
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