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CBN Begins Countdown to Old Notes Expiration Date; Jan 31st

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CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has launched a countdown to the January 31 deadline when the old N1,000, N500, and N200 notes will cease to be legal tender.

Unveiling the countdown on its Twitter page on Friday, the apex bank noted that the deadline now remains 24 days and a few hours.

However, the bank reiterated that “the current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

This announcement comes amidst complaints that the new naira notes are not yet in full circulation, Twitter users have casted a series of reactions with the majority expressing dissatisfaction with the distribution and the policy.

Meanwhile, in another report, the CBN has directed Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again.

This is as the regulator also directed banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023, deadline when the old notes will no longer be legal tender.

This is according to a memo titled., ‘Urgent update on currency redesign’ and signed by the Group Head, Retail Operation, issued to all the branch managers by the CBN.

“The CBN has mandated that we immediately stop the Over-the-Counter payment of the new N200, N500 and N1,000 currency. Instead, all new notes should be loaded into the ATMs for customer withdrawals.

“This is effective immediately please.”

It was learnt that as of Friday, the banks had not been able to comply with the directive as they complained of inadequate supply of the new notes, prompting them to load their ATMs with the old notes

Recall that the Senate had last month urged the CBN to extend the deadline on old naira notes withdrawal from 31st January to 30th June 2023.

Senator Ali Ndume cited Orders 41 and 51 to seek the leave of the Senate to move a motion on the urgent need to extend the withdrawal of old currency from circulation.

Also, recall a CEM report where the CBN said it is printing more notes for circulation.

 

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