Tuesday, January 31, 2023

Economy

CBN extends deadline for use of old naira notes

The new deadline is now 10 February instead of the former 31 January deadline, he said.

Naira Redesign: Speaker threatens to issue arrest warrant on CBN governor

Mr Doguwa informed the House that the CBN and Mr Emefiele did not honour the invitation to appear before the committee on Wednesday.

Extend deadline for the exchange of old naira notes till July 31, Senate urges...

The apex bank had in October last year said the old naira notes would seize to be legal tender from January 31, a stance that was reiterated by its governor, Godwin Emefiele, at a meeting in Abuja on Tuesday, January 24.

No going back on January 31 deadline for old naira notes, Emefiele insists

Last November, weeks after the apex bank announced its plan to redesign the three banknotes, President Muhammadu Buhari unveiled the redesigned N200, N500 and N1,000 notes as the apex bank fixed the January 31 deadline for the validity of the old notes.

CBN increases weekly cash withdrawal limit

The apex bank said it made the decision based on feedback received from stakeholders.

CBN limits cash withdrawals to N100,000 per week

This development comes shortly after the newly redesigned N200, N500, and N1000 banknotes were launched by President Muhammadu Buhari’s regime.

PICTURES: Redesigned N200, N500 and N1000 notes unveiled

The Central Bank of Nigeria (CBN) had last month announced that the three top notes of the country's currency will be redesigned while the old ones remain legal tender until January 31 next year.

Emefiele: Buhari to unveil redesigned naira notes Wednesday

According to him, the CBN won’t shift its deadline for all old notes to be returned to commercial banks in exchange for newly designed ones.

CBN redesigns naira notes, stops current N100, N200, N500 and N1000 notes as legal...

He said when effective from December 15 this year, Nigerians who are in possession of the old notes should approach their banks for the new notes.
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