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updated 10:20 AM UTC, Dec 13, 2023

No Plan To Extend Deadline For Old Notes: Emefiele

Peoples Gazette, 4 February 2023 – The Central Bank governor Godwin Emefiele has said that there will be no further extension of the deadline for submitting old notes whose redesigned versions are now in circulation.

Mr Emefiele acknowledged the challenges that have beset the implementation of the directive. He said the CBN and other banks are working to address the difficulties but there will be no date extension.

Following a major policy directive to redesign the naira’s major denominations, the bank previously gave a deadline of January 31, for the submission of the old notes but later bowed to public pressure moving the deadline to February 10.

The apex bank’s Twitter account shared excerpts of Mr Emefiele’s press briefing which was held on Friday in Lagos.

“Central Bank Governor, Mr. Godwin #Emefiele Briefs Media in Lagos…says no further extension in the deadline for depositing old series of N200, N500, and N1,000 banknotes,” the excerpt read.

Mr Emefiele urged Nigerians to be of calm conduct in the process of the implementation which has seen violent reactions in banks in some parts of the country. He added that the policy is of significant economic benefit in the long run.

“…the CBN is committed to ensuring a seamless, inclusive, and equitable implementation of the redesign exercise for the overall benefit of the people, financial system, and Nigerian economy as a whole.

“The advantages of the currency redesign are overwhelmingly enormous and will benefit the economy in the long run.

“We will take all the necessary steps to ensure that there will be a smooth flow of cash swaps and minimize the inconvenience in the short term  We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance,” the tweets read.


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