Central Bank of Nigeria

The Central Bank of Nigeria has begun moves aimed at ensuring that banks in the country keep to the January 31 deadline for the circulation of old notes ...

A trader at the Itam market, Rose Michael, who said since the introduction of the new currencies she had not seen how they looked, tasked the management of the CBN to make “commercial banks and other monetary outlets to stop dispensing the old naira notes to customers for easy penetration of the new notes in the society.” Some of the banks even identified the shortage of the new notes as reason they did not load cash in some of their ATM points. The Central Bank of Nigeria has begun moves aimed at ensuring that banks in the country keep to the January 31 deadline for the circulation of old notes throughout the country.

The CBN embarked on a city-wide sensitisation campaign of residents in Calabar, the capital of Cross River State on the new currency notes and the approaching ...

According to her, “there is sanction for Banks whose ATMs are still dispensing old notes. This is because the old notes will cease to be legal tender by that date and as from February 1, 2023 the new notes will come to being completely,” she explained. “If there are communities without any bank or nearby financial institutions, the people can collectively write to us and we will send POS agents, who are circulating rural areas.

The Sultan of Sokoto, Muhammadu Sa'ad Abubakar, has urged the Central Bank of Nigeria to reconsider the January 31 deadline for the old notes to remain in ...

You should have used traditional rulers to pass the message down to the masses but you didn’t involve us; that is why we keep quiet.” If they see the colours they will think it is a fake currency. The old notes are expected to be out of circulation by January 31 yet there is scarcity of the new notes as banks keep dispensing old notes to their customers.

Some businesses for Nigeria don start to dey reject old naira notes despite say Central Bank of Nigeria say na January 31st 2023 go be deadline for di old ...

Di CBN oga also confam say dem dey aware say some banks dey also mix di new notes with old notes wey also dey wrong. “But at di same time, we dey get plenti complains say pipo no dey get di new money from banks and na why we begin investigate we come find say some banks no dey give out di new notes wey we give dem.” (four days before CBN deadline). “We send banks information say make dem tell us di amount of new notes dem want us to dey put for ATMs for day to day use and na wetin we dey implement.” Some of di businesses explain say di reason dem wan stop collection of old notes early na because say dem no wan miss di CBN deadline if dem continue to collect old notes from dia customers. Some businesses for Nigeria don start to dey reject old naira notes despite say Central Bank of Nigeria say na January 31st 2023 go be deadline for di old notes.