The Central Bank of Nigeria (CBN) has launched a countdown to January 31 deadline when the old N 1,000, N500, and N200 notes would cease to exist.
Unveiling the new naira notes, the apex bank said in a tweet that the deadline now remains 24 days and a few hours.
“The current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.” The CBN said.
Nigerians have however reacted negatively to this announcement. According to them, the new naira notes are not fully in circulation.
Nigerians Reactions
Reacting to the bank’s countdown, a Twitter user Edidong Enwe said;
“Till today I haven’t had any new notes. Quite okay I’ve seen just 1000 notes with someone. I’m staying in a student area where we expect quick circulation of money. How then do you give 3 weeks countdown? Do something about it before you start a countdown”
Another user, Beneditct Nwokoye lamented the scarcity of the new notes. In her words, she said,
“Like seriously? I went to withdraw money from the ATM (first bank) and was given old notes. I went to the counter to ask for the new notes, I was told I’ll not be given more than 10,000.00. How can the dates be possible when banks are still dispensing old notes?”
According to Eddie Onos, the CBN has not shown any seriousness with the deadline. To him, the banks are still dispensing the old naira notes.
“Can we be serious for once, please? As of today, ATMs and banks are still dispensing the old notes that are supposed to become illegal tender by the 31st of this month. The financial institutions ought to have stopped issuing them out by now.”
Nigerian Senate Plea
Recall that the Nigerian Senate asked the Central Bank of Nigeria (CBN) to extend the deadline on old naira notes withdrawal from 31st January to 30th June 2023.
This was disclosed by the Nigerian Senate during Wednesday’s plenary session, in a motion by Senator Ali Ndume.
According to Ndume, he cited Orders 41 and 51. This is to seek the leave of the Senate to make a motion on the urgent need to extend the withdrawal of old currency from circulation.
The review was decided after the National Assembly asked the apex bank to considerably adjust the withdrawal limit. This is in response to the outcry of Nigerians.
Read Also: Senate To CBN: “Move Naira Withdrawal To June 30th”
Conclusion
With the reaction from both the Senate and Nigerians, we hope the CBN can change its mind on the deadline, as there are few circulation of the new naira notes.
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