CBN insists on January 31 deadline for return of old naira notes to the banks - Pegars News | Pegars News


CBN insists on January 31 deadline for return of old naira notes to the banks – Pegars News

Emefiele: ” Bullion Van Politicians” after CBN – Atiku Campaign

The Central Bank of Nigeria (CBN) has insisted that there would be no extension of the January 31 deadline for the return of the old N200, N500 and N1,000 notes to the banks.

This is as the apex financial institution has clarified that for now, the deposit cash banks are solely allowed to dispense the new naira notes by means of the Automated Teller Machines (ATMs) with the banks barred from distributing the new notes over-the-counter to clients.

According to Thisday, a high official of the CBN who wished to stay nameless disclosed this in a short chat, the place the supply acknowledged that the apex financial institution had intensified efforts to ramp up the circulation of the new notes.

CBN accuses banks of giving new naira notes to excessive-profile people

  • On the challenge of distribution of the new naira notes, the CBN official was reported to have stated, “Banks are barred from distributing the new notes over-the-counter. All new notes should go to the ATMs. The directive to the banks from the central financial institution is that they should dispense by means of their ATMs nationwide and individuals can go to the ATMs to accumulate the cash. They can not dispense the new notes throughout the counter for now till they exhaust the new notes. And when that occurs they can then add the old notes. Until they get one other provide of new notes.
  • “That is the only way to ensure that the new notes are being circulated. Otherwise, what the banks were doing from our intelligence, was that they were holding the cash and giving it to high-profile individuals and customers over-the-counter and not circulating it to ordinary customers. So, we decided they must only dispense it through ATM machines for now until it fully circulates in the financial system.

The supply warned that banks caught breaching this directive would face stiff sanctions.

CBN to collaborate with NOA on enlightenment and public consciousness

Meanwhile, the CBN, in collaboration with the National Orientation Agency (NOA) and numerous market associations, Will on Tuesday, January 10, 2023, begin aggressive enlightenment and public consciousness marketing campaign on the naira redesign mission as effectively as the want to correctly deal with the naira notes.

The train would maintain in numerous markets in Gombe, Minna and Asaba, in the first part, and additionally maintain in Kano, Ogun and Onitsha this Thursday. The train would be prolonged to different main cities throughout the nation from subsequent week.

For catch up

  • Nairametrics had over the weekend reported that the CBN had in a memo, ordered the banks to instantly cease the fee of the new naira notes to clients who are making over-the-counter withdrawals.
  • The apex financial institution, as an alternative, directed that the banks ought to reasonably load their ATMs with solely new notes to guarantee that the forex circulates throughout the nation forward of the January 31, 2023 deadline when the old notes will no longer be authorized tender.
  • However, the report suggests that the banks have been but to comply with this directive as of Friday with complaints of insufficient provide of the new notes, prompting them to load their ATMs with the old notes.
  • Recall that on November 23, 2022, President Muhammadu Buhari unveiled the new naira notes of N200, N500 and N1,000 at the (*31*) Chamber, Presidential Villa, Abuja, with their circulation commencing on December 15, 2022.
  • The CBN Governor, Godwin Emefiele, had stated that the transfer would assist to handle the cash provide and sort out forex counterfeiting as effectively as terrorism, amongst others.
  • However, due to the shortage or insufficient provide of these new naira notes majority of Nigerians and many stakeholders have known as on the CBN to prolong the January 31 deadline as it will not be possible for these new notes to adequately flow into round the nation at that time.






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