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January 31, deadline for old naira notes

January 31, deadline for old naira notes
Photo by Weblingdevs- Ask Nigeria

ATM booths still dispense old and dirty naira notes against CBN’s directive.

A Central Bank of Nigeria (CBN) Director and Managing Director of NIRSAL Micro-Finance Bank, Abdullahi Kure, stated that the CBN would not cease to monitor banks, stressing the meting out of appropriate sanctions on banks caught in the act of hoarding and diverting new naira notes. The CBN are following closely to keep records of banks receiving new notes and how they disburse them or why they do not disburse them. The director asserted that there has been deployment of Directors all over the country to facilitate awareness on new naira notes and cash restriction.

The apex bank visited ATMs belonging to Access Bank, GTCo and Keystone Bank in Wuse LGA, Abuja. The Operations Manager of the Access Bank, Wuse, Abuja, Ugo Chinenye, disclaimed hoarding the new notes with affirmation that the ATMs are loaded in regards to the volume of new notes they gets from the CBN. Despite this assertion, only few ATM booths disburse new naira notes as old and dirty notes still get withdrawn from ATMs which is an unacceptable development for the CBN.

Council of Traditional Rulers plead for extension of deadline.

In the Federal Capital Territory (FCT), Chairman Council of Traditional Rulers during a meeting at the palace of His Royal Majesty Adamu Baba Yunusa, pleaded for an extension of the deadline of January 31, 2023 so as to create more sensitization at the grassroots. The Director General of the International Center for Islamic Culture and Education, Dr. Kabir Kabo Usman, similarly emphasized the need for creation of awareness on the new notes given that the deadline is a week and few days away.

Usman stated that there is an urgent need to make sure everyone deposit old notes at the banks in order not to lose their funds. Local businesses are also advised to do so with all old notes. He promised to erase the doubts in the minds of people, so far it is a government policy that was birthed from extensive research and ensure that the message spreads across all mosques in Abuja. In his speech, he appealed to CBN to ensure availability of the notes to the masses.

CBN encourages people to deposit old notes to receive new naira notes.

Bank customers lamented the scarcity of the new currency as it was greatly affecting their businesses. A Point of Sales (POS) agent, Rufus Peterson, complained that his customers no longer accept the old notes from him, whereas the ATM booths have not ceased to dispense them. His business suffers for his helpless inability to secure the new naira notes. Other POS agents – Salau Mahmoud, Success Onoja and Joy Makir – suffer the same plight and appeal to the CBN to put an end to scarcity of the notes.

On January 19, 2023, the CBN campaigned on the availability and admissibility of the new currency at Edo markets, encouraging people to deposit their old notes at the banks to receive new notes. The Assistant Director and Acting Branch Controller of the Benin Branch of the CBN, Michael Mgbeze, addressed traders during the sensitization workshop at the Oba market in Benin City and advised them to get the new notes with warnings that there would be no adjustment of the deadline from January 31.

Commercial banks must issue the new naira notes through ATMs.

Governor, Godwin Emefiele, represented by the CBN’s Director of Legal Affairs Department, Kofo Salam-Alada, affirmed that the apex bank has been calling on banks to reach out to CBN for collection of the new naira notes. He added that some conditionality for access to the new notes has been put aside to fit the banks. CBN Director of Corporate Communications, Abia State, Osita Nwanisobi, at the Ariria International market, Aba, Abia State, affirmed that no commercial bank should issue the new currency across the counter but through ATMs to ensure circulation to everyone before January 31.


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Editor
8 days ago

January 31, deadline for old Naira notesATM booths still dispense old and dirty naira notes against CBN’s directive.Express your point of view.

Member
9
8 days ago

The issue of change of old Naira note to new ones is complicated because I don’t see any reason why commercial banks will refuse to collect the new note from the CBN according to what they said and the old notes will not be legal tender in a few days.

Member
9
8 days ago

January 31, deadline for old Naira notes. This new note is not even in circulation yet. Banks are still giving old note, even many ATM machines is still dispensing old note

Abusi
Member
8
8 days ago

This new naira notes are not still fully in circulation yet. I don’t know how the government will ensure the full money is in circulation, seeing that we have to beat the deadline.

Member
8
8 days ago

To meet up with the given date as deadline is not looking very likely….because the new note is not even in circulation yet. An extension of the deadline will help in circulation of the money.

Member
8
8 days ago

Is this even feasible? People are depositing their old notes at the bank, yet the ATM generates the same old notes the went to submit. How then is the new notes supposed to get into circulation?

Member
8
8 days ago

The Central Bank of Nigeria (CBN) has stated that it will not stop monitoring banks and has emphasized that appropriate sanctions will be handed out to any banks that are detected hoarding or diverting fresh naira notes.

Member
8
8 days ago

The Central Bank of Nigeria (CBN) is keeping a strict eye on banks in order to retain records of which banks receive fresh notes, how those banks disperse those notes, and why those banks do not release those notes.

Member
8
8 days ago

Directors have been dispatched to various parts of the country in order to increase public knowledge of the new naira notes and the cash restriction.

Member
8
8 days ago

The Central Bank of Nigeria (CBN) is dissatisfied with the fact that just a small number of ATM booths are able to distribute new naira notes, since the machines continue to dispense soiled and outdated currency.

Member
8
8 days ago

It is of the utmost importance to ensure that everyone deposits their old notes at the banks as soon as possible so that they do not lose their money.

Member
8
8 days ago

It is also recommended to the local companies that they do this with any old notes so that they are not impacted.

Member
8
8 days ago

It is a policy that was developed by the government after doing considerable research, and it aims to ensure that the message is communicated throughout the entire country.

Member
8
7 days ago

I don’t understand why commercial banks are holding on to the new currency. They need to be prone as well cause I went to to withdraw cash over the counter yesterday and to my surprise I was given the old notes when it’s just some days to the due date. I don’t just understand the policymakers again.

Member
8
7 days ago

The deadline is near and banks and ATM are still releasing old note not new note something need to be done ASAP so the new note can circulate round and if is the bank are the one holding on the new note and not releasing it something need to be done about it

Member
9
7 days ago

Nigerians need to take cognisance of the fact that the 31st January deadline is close and there is no going back by the government and people need to save the old naira notes.

Member
8
7 days ago

It’s appearing increasingly unlikely that the new note will be in circulation by the cutoff date. In order to get the money out into circulation, a delay in the deadline is necessary.

Member
8
7 days ago

The deadline is approaching, yet banks and ATMs are still releasing old notes instead of new ones. Something needs to be done to get the new notes out into circulation.

Member
8
7 days ago

The issue of changing old Naira notes to new ones is complex because I don’t see any justification why commercial banks would refuse to take the current note from the CBN, as they indicated, and the old currencies will no longer be official currency in a few days.

Member
8
7 days ago

The brand-new naira notes are still not entirely in use. Given that we have to meet the deadline, I’m not sure how the government will make sure that the entire amount of money is in use.

Member
8
7 days ago

I believe there is a kind of collaboration with the Banks by some unknown set of politicians against the directives of the CBN. Let the still stand on their deadline of 31st January.

Member
8
6 days ago

With all the directives given to banks by CBN on the new naira note, the banks still refuse to adhere to the instructions.There may be something kind of arrangement with some political personal to use those note during election.

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