The central bank of Nigeria (CBN) has agreed to extend the deadline for the return of old naira notes to commercial banks across the country.
The deadline put at Tuesday 31st January, 2023 has sparked protests in the country from traders and especially top presidential aspirants, asking for extension.
The central bank has also stood it’s ground and refused to budge just as President Muhammudu Buhari has said there is no going back on the deadline.
An impeccable source at the headquarters of the Apex hank has however said extension of the deadline was seriously being considered.
The source who does not want his name mentioned said the extension would only allow those who are still with the old naira note to return to banks but can not transact with them.
“What the CBN will do is to allow those with the old naira notes to return them to their banks even after the deadline but they will cease to be legal tender from 31st January, 2023.”
“What this means is that no one can purchase anything with the old notes as from February 1st, 2023. All the banks will be put on notice on the latest developments.”
He said “for now, CBN is not bothered about any amount of old notes being deposited in banks, but after the deadline, EFCC may be showing interest in the quantum of money being brought to the banks.”
The federal government launched new banknotes late lastyear in an effort to fight counterfeiting and the financing of Islamist groups.
It is said that the new naira bank notes would help to control liquidity in an economy where most money is held outside the bank.
The CBN stipulated January 31, 2023, as the deadline for issuance and circulation of the old N200, N500 and N1,000 denominations.