The Central Bank of Nigeria (CBN) has announced that it has extended the deadline for the use of old naira notes till February 10th. This extension is aimed at providing additional time for individuals & businesses to exchange their old currency for the new naira notes.
We could recall the House of Representatives & Senate pleaded with CBN to extend the deadline to July 31, 2023, but the last time we checked July has no 31st, story for another day.
The demonetization process, which started last year in December, was aimed at reducing the circulation of old & Conuterfied banknotes and improving the efficiency of the country’s financial system. Despite the efforts of the CBN to ensure that the new notes are widely available, many Nigerians have reported difficulties in accessing the new currency.
The extension of the deadline is an amazing development for those who have struggled to exchange their old currency but for people below the sapa index like me, it isn’t much of good news because we have no naira to exchange. The CBN has emphasized that the old notes will still be accepted at banks and other financial institutions until the new deadline.
However, the extension of the deadline should not be taken as a sign to delay the exchange of old notes. The CBN has encouraged all Nigerians to exchange their old notes as soon as possible to ensure a smooth transition to the new currency.
The Central Bank Of Nigeria (CBN) has assured the public that adequate measures are in place to ensure the smooth implementation of the demonetization process.
In conclusion, the extension of the deadline for the use of old naira notes is good news for those who have struggled to exchange their currency. The CBN has emphasized that the old notes will still be accepted at banks and other financial institutions until February 10th.
