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Politics

BREAKING: “We will not extend Naira notes deadline” – Emefiele

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday said the apex bank will not extend the deadline to halt the use of the old 200, 500 and 1000 Naira notes.

POLITICS NIGERIA reports that Emefiele said this during the CBN/Monetary Policy Committee (MPC) briefing in Abuja.

“I don’t have good news for those who feel we should shift the deadline; my apologies,” Emefiele said.

“The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.”

This newspaper reports that the deadline for the termination of the old Naira notes as legal tender is January 31st, 2023.

Also at the meeting, the CBN raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

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7 Comments

  1. The CBN Governor is making an empty threat I as far as Nigerian citizens are concerned. You can only threaten people if you have made the new notes available and people delay or refuse to exchange their old notes. As a businessman, I have been transacting banking business with different banks since the beginning of the year up till yesterday 23rd January, I have only been given two new notes of one thousand and five hundred each respectively at one of the Bank branches. I have not seen how/what the two hundred Naira like till today. The CBN Governor should not call for unnecessary revolt or set the citizens against themselves as the deadline is not realistic.

  2. I support the idea of not extending as well. The problem we have is that ATM dispense majorly one thousand notes but market women gave out old N500 & N200 notes as change after a purchased good from them. If other naira denomination flood the circulation, it would be easier and market women would be force to deposit the old notes in their hands when nobody is collecting change from them

  3. I am fully in support of our honourable CBN governor even if it will affect me as a citizen.
    My advise to those criminal element who addressed themselves as Politicians is to either release the stolen funds to the general public or invest with it to create job opportunities.

  4. I’m highly disappointed in the Nigeria Government more especially the President and the Governor of the CBN on their I’ll thoughts and their actions. Since December 15,2022 as the beginning of the use of the New Naira Notes, I only came in contact with the ₦1,000 note and the ₦500 only once. Our only Bank here in Gembu of Sardauna Local Government Taraba State don’t have the New Naira Notes. A friend of mine last week withdraw the sum of 1m from the canter but not even ₦1,000 was given to him from the New Naira Notes.
    The politicians who have been hiding their old notes have already bought all the New Naira Notes allowing us to be fighting ourselves over the New Naira Notes that to me I Will say don’t exist or too scarce.
    Mr. President you ought to do something before something happens if really you care for the poor as you always claims.

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