CBN rules out extension of the deadline for phase-out of old N200, N500, and N1,000 notes

The Central Bank of Nigeria (CBN) has ruled out the deadline extension for withdrawing old Naira notes from circulation.

CBN had said in October that the old Naira notes would seize to be legal tender from circulation on January 31, 2023.

This means from today, Monday, 5th December, the old notes have only 56 days.

In a new Twitter post, CBN reiterated there would be no deadline extension to the phase-out of the old notes.

The post also showed the number of days left before the old naira notes will seize. be a lender tender. The apex bank wrote: “The current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

Meanwhile, Amina Halidu-Giwa, Deputy Director of the Currency Operations Department, Central Bank of Nigeria (CBN), has told Nigerians not to expect the new Naira notes to have a positive effect on the value of the currency.

According to her, the improvement of the naira against foreign currencies is determined by export volume in Nigeria, not the change in the outlook of the naira.

She said this during a webinar themed, ‘Naira Redesign Policy: Implications for the Nigerian Economy, organised by the Institute of Chartered Accountants of Nigeria (ICAN), Nsukka and District Society (NDS) branch.

Halidu-Giwa also disclosed that the new Naira notes has a Mint Tracking System (MTS) to track initial recipients of new banknotes when the illegal sale of new banknotes arises.