No Extension Of Deadline For Old Naira Notes – CBN Warns

The Central Bank of Nigeria (CBN) has said it will not extend deadline giving for the deposition of old naira notes in circulation.


Cloud News Online reports that the apex bank said all old naira notes must be deposited to the banks on or before 31 January.


CBN said there is no reason why citizens should not deposit either through the point of sale operators (POS) or going to the nearest branch of their banks.


The Director of Financial System and Strategy of CBN, Malam Ibrahim Hassan, disclosed this in Jalingo market, Jalingo, Taraba State on Saturday.


Hassan told the business communities and traders that “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 there is no maximum amount that can be deposited at once. He also assured the business community that no charges shall be effected by banks on the money they want to deposit.


Hassan also noted that banks have been provided enough of the new naira notes to give customers in all transactions.


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


Speaking on the sensitization, 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.

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