CBN naira deadline

2023 - 1 - 25

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Image courtesy of "The Punch"

JUST IN: Deadline remains Jan 31 for old naira notes —CBN (The Punch)

The Central Bank of Nigeria has insisted that there is no going back on the January 31 deadline for the old 200, 500 and 1000 naira notes, ...

The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. [stop over-the-counter withdrawal](https://punchng.com/cbn-bans-over-the-counter-withdrawal-of-new-notes/) of the new notes and load their Automated Teller Machines with the redesigned naira notes to boost its circulation. [Lagos and Abuja](https://punchng.com/cash-swap-cbn-bars-abuja-lagos-pos-operators/) mobile money/Point of Sales operators from the programme.

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Image courtesy of "Vanguard"

Old Naira Notes: Senate asks CBN to extend deadline to May 31 (Vanguard)

By Henry Umoru, ABUJA. The Senate yesterday asked the Central Bank of Nigeria, CBN to extend the deadline for the exchange of old naira notes from the ...

28, 2022, urged the CBN to extend the use of the old notes from Jan. “There is no doubt that we must have a window for exchange. 31 to June 30, said that however, the apex bank had insisted on terminating the use of the old naira notes by end of Jan. Nigerians are just averse to change.” It is in Nigeria where cash is used arbitrarily; other countries use electronic means. The Senate yesterday asked the Central Bank of Nigeria, CBN to extend the deadline for the exchange of old naira notes from the January 31 deadline to May 31, 2023.

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Image courtesy of "Premium Times"

NASS asks CBN to extend the deadline on old naira notes by six ... (Premium Times)

“Banks and POS outlets are struggling with the shortage of the redesigned new Naira notes ahead of the CBN deadline of January 31, 2023, consequently making it ...

He said the reason given by the CBN Governor is genuine enough. “We need to amend and invite the bank MDs, the major ones to brief the leadership or a very small ad hoc committee. Good journalism costs a lot of money. “I just came back from my constituency yesterday, I want to use this opportunity to commend the CBN for taking certain steps to address this issue in my constituency. He said the shortage of new notes is creating panic. “We can all agree that it is a good policy.

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Image courtesy of "CHANNELS TELEVISION"

January 31 Deadline For Old Naira Notes Remains, CBN Insists (CHANNELS TELEVISION)

The CBN Governor, Godwin Emefiele announced this after the apex bank's Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. Advertisement. The CBN also ...

The super agents are like kiosks, shops in your community, whether it is a riverine or upland area, they are there, selling sweets, selling kola nuts but they have been appointed as agents that will do cash exchange and cash swap for you. The CBN on October 26, 2022 had announced its plan to redesign the three banknotes. The reason is because just like the President has said more than two occasions and even to people privately, that for us, 90 days, in fact, we feel it is 100 days, that it is enough for anyone who has money or the old currency to deposit it in the bank. “There is adequate quality of new notes available but let all know that it is a process of increasing, not producing. And we took every measure to ensure all the banks remain open to receive all old currencies. The CBN governor said, “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline.

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Image courtesy of "TheCable"

'Security will improve' — youth groups hail CBN for insisting on ... (TheCable)

A group known as the Nigerian Ethnic Youths Leaders Council (NEYLC) has praised the Central Bank of Nigeria (CBN) for insisting on the January 31 deadline ...

“CBN’s decision not to extend the deadline for swapping old naira notes has dealt a final blow to money launderers and kidnappers as this will inconvenience criminals that deal with cash,” Kabiru Yusuf, leader of the Arewa group, said on behalf of the coalition. In a statement, the NEYLC, comprising the Arewa Consultative Youths Movement (ACYM), Ohanaeze Ndigbo Youths Movement, Oduduwa Youths, and Middle Belt Youths, said the insistence of the apex bank will help in the fight against kidnapping and money laundering. In October 2022, Emefiele announced the naira redesign policy which resulted in the change of the N200, N500, and N1,000 notes to new ones.

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Image courtesy of "Daily Trust"

Old notes: Extend Jan 31 deadline, N'Assembly tells CBN - Daily Trust (Daily Trust)

The Senate and House of Representatives have again asked the Central Bank of Nigeria (CBN) to immediately extend the deadline.

It called on President Muhammadu Buhari to intervene on the insistance of the CBN on the right deadline for the implementation of the cashless policy and phasing out of the old notes. Also, the House of Representatives has called on CBN to review its policies on the redesigned notes and the January 31st deadline. The Senate and House of Representatives have again asked the Central Bank of Nigeria (CBN) to immediately extend the deadline for the withdrawal of old naira notes from circulation to July 31, 2023.

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Image courtesy of "The Nation Newspaper"

BREAKING: CBN refuses to extend deadline for old naira notes ... (The Nation Newspaper)

The Central Bank of Nigeria (CBN) has foreclosed the possibility of extending or shifting the deadline on the deposit of the old naira notes.

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Image courtesy of "Leadership Newspaper"

New Naira Notes: NASS Fumes As CBN Insists On January 31 ... (Leadership Newspaper)

Against expectation, the Central Bank of Nigeria (CBN) has said the January 31, 2023 deadline for the higher denominations of old banknotes to cease to.

“We are following up seriously on them to trace and ensure that whatever we give them must reach the grassroots. We must have policies by the CBN to have bank branches established in rural areas. The policy, though good, will not be fair on the new government and will impact negatively on the macroeconomy”. The banks have been instructed that all the denominations that were given must be dispensed. The CBN had on October 26, 2022 announced plans to redesign the 200, 500, and 1,000 naira notes. In summary, MPC voted to raise MPR to 17.5 percent,” the CBN governor said. He said: “Experiences around the world have shown that such abrupt decisions, if not controlled, usually creates chaos. Emefiele said there is adequate quantity of new notes available, but urged understanding with the fact that it is a process. Apart from the nationwide sensitization on the redesigned banknotes, the CBN had also commissioned currency swap to encourage compliance with the policy. By that, the interest rate benchmark was increased from 16.5 percent to 17.5 percent. We do not see any reason to begin to talk about a shift because people could not deposit their old monies in the banks,” Mr Emefiele stated yesterday during a media briefing to announce the decisions of the Monetary Policy Committee meeting of the apex bank. “We cannot allow them to be banks in their homes.

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Image courtesy of "Guardian"

Old Naira Notes: CBN insists on Jan 31 deadline, shuns calls for ... (Guardian)

With only just five working days left to phasing out old N1,000, N500 and N200 notes, anxious citizens are at their wits' end over who blinks first, ...

But it is important for me to say that Stamp Duty is the revenue that needs to be collected from people who are conducting electronic transfers. “And the balance with the account of CBN is N144,234,535,346.40. But Emefiele said: “The truth is that CBN will not be joined in any argument with anybody because it will overheat the system. And we took every measure to ensure that all the banks were open to receive all old currencies. The explanation was that banks didn’t want to load old naira notes in obedience to CBN instruction, yet they didn’t have enough new notes. The total deposit of the banking system is N44.49 trillion. “We told our people in Banking Supervision to contact the banks. Speaking on the new notes, Emefiele claimed that kidnapping and ransom-taking incidents have reduced since the three banknotes were redesigned. How will CBN ensure the circulation of the new N200 notes, which will be in high demand for cash transactions, when it doesn’t dispense from the ATM?” I have been withdrawing money from the bank since then, and have never got new notes from the bank. I only saw the new note once in December when I moved the motion and I said I have not seen the money. The decision of the House to ask for the extension followed a motion of urgent public importance moved by Sada Soli (APC, Katsina) during plenary.

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Image courtesy of "The Punch"

CBN deadline: Sokoto marketers opt for e-Naira transaction (The Punch)

As part of measures to douse the tension being currently generated by the scarcity of new naira notes in circulation, the leadership of Sokoto Market ...

This, he said, would enable residents to ease the current pressure and stress being encountered by residents of the state as a result of the new naira notes. He further disclosed that the CBN is introducing a swap of naira notes for residents from N10,000 and below. He further call on CBN management to ensure more new naira notes are in circulation to ease the pressure currently encountered by residents of the state.

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Image courtesy of "THISDAY Newspapers"

Emefiele Forecloses Extension of January 31 Deadline for Return of ... (THISDAY Newspapers)

•National assembly members kick. •House of Representatives sets up committee to meet CBN, bank CEOs on redesigned currencies. •Apex bank gov says, ...

“Based on what we are hearing all over the place in newspaper publications, there’s a need to review the policy, there’s nothing wrong with reviewing a policy. “We need to invite bank managing directors to brief an ad hoc committee to find out the truth about this new notes are available. The resolutions of the lawmakers were sequel to the adoption of a motion of urgent public importance, sponsored by Hon. They called on Buhari to intervene in the insistence of the CBN on the deadline. Gbajabiamila said, “CBN has been making spirited efforts to try and educate people out there. The MPR is the rate at which commercial banks borrow from the CBN and often determines the cost of lending in the economy. Also, addressing the concerns around the shortage of the new naira banknotes, the CBN governor, further stressed that the, “currencies are available; we hold at least, three meetings every week with the banks. But on the basis of month-on-month CPI, we still found out that inflation was still going on both the headline and all that. Emefiele further disclosed that First Bank of Nigeria Plc, collected the highest stamp duty, which he said amounted to N71.6 billion. Let’s not forget, the super agents are like kiosks, shops, and stalls in your community. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended. They also called on President Muhammadu Buhari to intervene in the matter.

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Image courtesy of "Arise News"

CBN Governor Emefiele Forecloses Extension of January 31 ... (Arise News)

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday declared that the January 31, 2023 deadline fixed by the apex bank for ...

“Based on what we are hearing all over the place in newspaper publications, there’s a need to review the policy, there’s nothing wrong with reviewing a policy. “We need to invite bank managing directors to brief an ad hoc committee to find out the truth about this new notes are available. The resolutions of the lawmakers were sequel to the adoption of a motion of urgent public importance, sponsored by Hon. They called on Buhari to intervene in the insistence of the CBN on the deadline. Gbajabiamila said, “CBN has been making spirited efforts to try and educate people out there. The MPR is the rate at which commercial banks borrow from the CBN and often determines the cost of lending in the economy. Also, addressing the concerns around the shortage of the new naira banknotes, the CBN governor, further stressed that the, “currencies are available; we hold at least, three meetings every week with the banks. But on the basis of month-on-month CPI, we still found out that inflation was still going on both the headline and all that. Let’s not forget, the super agents are like kiosks, shops, and stalls in your community. Emefiele further disclosed that First Bank of Nigeria Plc, collected the highest stamp duty, which he said amounted to N71.6 billion. Godwin Emefiele, on Tuesday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes will not be extended. They also called on President Muhammadu Buhari to intervene in the matter.

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