Connect with us

NEWS

Extend phasing out deadline for old naira – Senate advises CBN

Published

on

The Senate has urged 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.

Senator representing Borno South, Ali Ndume raised the alarm over the January 31st deadline.

According to him, 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.

The CBN Governor, Godwin Emefiele on October 26, 2022, 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.

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.

Emefiele maintained that there would be heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.

This error message is only visible to WordPress admins

Error 403: The request cannot be completed because you have exceeded your quota..

Domain code: youtube.quota
Reason code: quotaExceeded

Error: No feed found with the ID .

Go to the All Feeds page and select an ID from an existing feed.

You May Also Like:-  Ecobank holds virtual graduation ceremony for batch seven trainees
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *