Naira redesign: Uncertainties over January 31 deadline, experts warn CBN


There are concerns the apex bank may not be able to fulfill the January 31 objective, which is the date the Central Bank of Nigeria, CBN, established for the cessation of the circulation of the old Naira notes.


This is especially true in light of certain Nigerians’ concerns and disappointments over the lack of fresh naira notes and the apex bank’s management of the situation.

Remember that the CBN declared its intention to develop, print, and distribute new series of N200, N500, and N1,000 notes in October of last year. The highest denomination of Nigeria’s eight legal currencies is the three-note note.

The Central Business District, Maitama, Utako, Kubwa, Wuse, and other locations were visited by our correspondent at various bank branches.

Findings revealed that the majority of them were still giving out outdated notes to their clients. Additionally, outdated notes were handed to over-the-counter clients.

Our reporter, who used the ATM at the Access Bank branch in Abuja’s Utako District, claimed that old notes in the amounts of N500 and N1000 were being given to clients. The same information was reported in additional places our reporters visited.

Additionally, a few of the PoS vendors operating in the Kubwa, Bwari Area Council of the Federal Capital Territory (FCT) claimed that they did not have any new notes to give to their clients and that, of the N100,000 in bail they received from the bank, only N1,000 worth of new notes were given to them.

The CBN had reiterated that January 31, 2023, would remain the timetable for the gradual phase-out of older currency from circulation despite worries about the limited availability of the new notes.




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