Jan. 31 deadline to phase out old notes cannot be extended, according to CBN

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The deadline for submitting old naira notes for deposit will not be extended, according to the Central Bank of Nigeria (CBN).

On Tuesday, CBN Governor Godwin Emefiele apologized to Nigerians for not extending the deadline.

According to him, Nigerians had 100 days from the time the notification was made until the expiration date to deposit their old notes.

He gave Nigerians the assurance that the ongoing sensitization would continue until the deadline of January 31st, 2023.

The apex bank stated that it has so far received between N1.3 trillion and N1.5 trillion but anticipates recovering around N2 trillion after the deadline of January 31.

Emefiele also said that the Monetary Policy Committee (MPC) has agreed to aggressively raise the interest rate to 17.5 percent while speaking to journalists at the conclusion of the inaugural MPC in Abuja on Tuesday.

Emefiele said there was “no reason to celebrate” despite the fact that inflation fell in December to 21.34 percent.

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