Naira Redesign: CBN Gives New Update On Deadline For Return Of Old Notes

Nigeria's apex bank, the Central Bank of Nigeria, CBN, has given a fresh update on the deadline to phase out old naira notes.

The CBN disclosed this on Monday in a bulk message to Nigerians.

Nigeria’s apex bank urged Nigerians not to wait until January 31, 2023, the deadline, before depositing their old naira N200, N500, N1,000 at the bank.

“Don’t wait till January 31, 2023, to deposit your old N200, N500, and N1,000 banknotes with your bank or agent”, the SMS reads.

Earlier, the CBN ordered all commercial banks to load their ATMs with the new naira notes.

The Director of Currency Operations, Mr Ahmed Umar, made this disclosure.

“We, CBN management, have ordered banks to stop putting old notes in their ATMs. They should only put the new notes,” he said.

Checks by DAILY POST gathered that Maitama, Wuse, Jabi, Utako, Kubwa, and Gwarimpa areas of the Federal Capital Territory are yet to comply fully.

Benjamin Anayo expressed disappointment after an ATM in Wuse Market dispensed old naira notes to him.

He said, “I came here to withdraw money to buy some ingredients at Wuse market, but to my surprise, the N20,000 I withdrew all came out in old notes.”

Another bank customer, Adamu Abdullahi, said when he used the ATM in Utako, it dispensed both new and old Naira notes.

Reacting to the development in a chat with DAILY POST, a financial inclusion/wealth management expert, Mr Idakolo Gbolade, called on CBN to extend the deadline to avert a new microeconomic problem occasioned by new naira notes scarcity.

“The CBN needs to adequately address the current scarcity of the new notes as most banks have limited quantities to load their ATMs. When you visit most of the ATMs in urban areas, you will discover partial compliance with the CBN’s directives, as the ATMs are loaded with a mixture of old and new notes.

“Due to the impending deadline, the CBN must release its performance on the distribution of the new notes and probably extend the deadline to ensure that scarcity after the January 31 deadline won’t create a new microeconomic problem for the country”, he said.