The Senate has asked the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31st to June 30th, 2023.
The senator representing Borno South, Ali Ndume, gave the recommendation during plenary at the Senate chambers. According to Ndume, the notice given by the CBN is too short, considering the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.
Recall that on October 26, 2022, the CBN Governor, Godwin Emefiele, announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the old notes will seize to be legal tenders.
The apex bank believes the redesigned notes will limit cash in circulation and therefore restrict the deplorable activities of ransom-demanding kidnappers as well as politicians set on rigging the upcoming elections.