SUN. 29 JANUARY, 2023-theGBJournal| The Central Bank of Nigeria (CBN) has finally extended the deadline for the return of old series of N200, N500 and N1000 naira notes from January 31, 2023, to February 10, 2023, ”to allow for the collection of more old.”
The CBN said it received the permission of President Muhammadu Buhari before announcing the latest extension.
The announcement today follows series of pressure from prominent Nigerians and political party main actors on the CBN to extend the date, and given the apprehension generated and fears that the deadline will make life even more difficult for Nigerians.
The extension also comes a day after the apex bank in a statement, said that it is sticking to its guns on the deadline.
On Saturday, President Muhammadu Buhari assured that his administration will ensure that ”citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap”-a policy put in place to accelerate the distribution of the new notes after it emerged that there are flaws in the distribution of the new series of notes nationwide.
The President’s statement was the first apparent sign of the pressure on the CBN, and many are quick to suggest that that was a sign that the deadline will be shifted.
The President was reacting to reports of long queues of people waiting for hours for their turn to deposit the old notes and get new ones in all Nigerian money deposit banks.
The President, in the statement, said he has taken note of the poorest section of the society and hardship facing them-many of who keeps their cash at home for various expenses-an gave strong assurances that ”the government will not leave them to their own fate.”
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