Deadline for old naira notes

The Sokoto State Chapter of the Muslim Rights Concern has appealed to the Federal Government to extend the deadline for the expiration of old naira notes by ...

We call on Nigerians to remain peaceful and stop panicking about the money swap.” “This has currently made life more difficult for ordinary citizens. Reacting, MURIC chairman, Muhammad Aliyu, in a statement on Friday, said the January 31 deadline set by the Federal Government had almost grounded businesses in Sokoto, Kebbi, and Zamfara states because of people’s refusal to accept the old naira notes in commercial transactions out of fear of possible inability to deposit the notes in commercial banks.

The persistent scarcity of redesigned naira intensified on Friday, frustrating many Nigerians and businesses as an entire population.

“The bank is far from where I live so I make use of POS. The Central Bank of Nigeria (CBN) had set January 31, 2023 as the deadline for phasing out the old notes in circulation. “I could not withdraw money because the ATM is paying only N2,000 per transaction.

An Islamic group, Muslim Rights Concern, MURIC, has appealed to the Federal Government to extend the deadline by at least two weeks. Barrister Muhammad.

Many Nigerians have lamented the nonavailability and scarcity of the new notes, this is because banks up till today, still give out the old naira notes to customers with the deadline only a few days away. “Many filling stations and other essential services providers also closed, because most of their customers come with old naira notes and they are not sure whether they would be able to deposit the same to the bank. “This is because every bank a customer goes to will meet a very long queue of depositors, trying to deposit their old naira notes in their attempt to beat the deadline.

The Presidential Candidate of the New Nigerian Peoples Party, Musa Rabiu Kwankwaso wants the Central Bank of Nigeria Governor, Godwin Emefiele to either.

If for any reason government decides not to extend the time and the masses have their own money in their houses, we will make sure that the money will not become a waste. Meaning if we have the opportunity (elected), we will have a window and ask them to come and take their money. If you are dealing with a bank owner and people who have billions and trillions in the bank, you cannot do anything. We are aware of the difficulties in the banks,” the NNPP flag bearer said. Kwakwanso said on Arise Tv that, “As far as we are concerned, those of us in NNPP, we believe that the redesigning is a mistake, especially the timing. So many people land into crisis and these are innocent people who have worked earned to earn their money.

CBN had also asked the banks to stop dispensing old notes from the Automated Teller Machines, while most bank branches, even in Lagos and the FCT, had ...

In an interview, one of the bank staff who pleaded anonymity said for over three days now, their bank is yet to get the new Naira notes from the CBN. Please, Baba Buhari, we beg you in the name of God to reconsider the extension of the deadline for the old notes,” Saifullahi pleaded. He urged the CBN to make available the new notes in larger quantities. He rejected them and offered to coney only those with the new notes to their destination in Eket.” People don’t want to collect the old from us anymore and the banks are not giving us the new notes. He confessed to be in love with the new notes saying, “since the old naira notes were redesigned, I have never seen the new naira notes physically with my eyes. She expressed her dilemma: “I only have three 200 hundred naira notes of the new currency which I have kept aside. Traders are now skeptical and apprehensive on whether to continue their business transactions with the old naira notes or not. “We, too, are in dilemma because if you go to buy goods, the dealers are rejecting the old notes. Because since people have started rejecting the old naira notes, and it is difficult to get the money, that means the poor Nigerians are in trouble,” she said. I went to where I bank in Dutse but the cashiers refused to change the money I took there, with the excuse that they do not have enough of the new notes. A bank customer, Bukar Baba said “I was at the Automated Teller Machine (ATM) point, but only few machines were dispensing the new notes with long queues while others are still dispensing the old notes.

There has been an increased pressure on the Central Bank of Nigeria (CBN) to extend the January 31 dateline for phasing out old naira notes.

If the money is made available everywhere, they may hide it to buy votes. I am supposed to go to Ibadan to see my family for the weekend,” he said. This, our correspondent gathered, presented an opportunity for bank officials to take advantage of desperate customers. Banks also witnessed crowds of customers who wanted to deposit old notes. There has been an increased pressure on the Central Bank of Nigeria (CBN) to extend the January 31 dateline for phasing out old N1,000, N500 and N200 notes. And when they shared around N700,000, they said we should go to mosque and come back later; and when we returned, we discovered that they had left. He said businesses in Sokoto, Kebbi and Zamfara States were almost grounded as a result of the January 31 deadline, as well as a refusal to accept the old notes in commercial transactions out of fear of possible inability to deposit the old ones in commercial banks. I couldn’t get cash in the bank and at PoS operators. A customer in one of the banks visited told our correspondent that officials in some banks refused to change the old notes until they were given bribe. I don’t understand what is happening,” he said. A staff of one of the banks confided in our correspondent that they didn’t have new naira notes to load in the machine as instructed by the CBN. “We were told they would come with N10million to share for us.

Nigerians, banked or unbanked, are currently racing against time to rid their purses and wallets of N200, N500 and N1, 000 notes, following the insistence ...

Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January 1973. The explanation was that banks didn’t want to load old naira notes in obedience of CBN instruction, yet they didn’t have enough new notes. From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and the Gambia. Suleman Aliu, said the delay in flooding the banks with the new Naira notes close to the deadline meant that some people would lose some of their money. The first major currency issued in Nigeria was undertaken sequel to the colonial ordinance of 1880, which introduced the Shillings and Pence as the legal tender currency in British West Africa. “They said they are redesigning some denominations of the Naira, and that Nigerians should take their old notes to the banks and start getting the redesigned ones. A Point of Sale (PoS) operator, Gabriel Asika, said the CBN needed to do better in its supply of the new notes. A woman, identified as Juliana Ogundipe, who withdrew N5, 000 at an ATM in Mushin told The Guardian that she got N2, 000 of the new notes and N3, 000 old notes. It was also learnt that the banks use the new naira notes to compensate and reward their mega customers. The apex bank also said any commercial bank that refused to dispense the new notes either at ATM or counter would be sanctioned. Nigerians, banked or unbanked, are currently racing against time to rid their purses and wallets of N200, N500 and N1, 000 notes, following the insistence by the Central Bank of Nigeria (CBN) on phasing them out as the country’s legal tender on January 31, 2023. The CBN boss said it was worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.