CBN naira deadline

“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.

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.

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.

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.

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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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.

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.

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.