The Central Bank of Nigeria (CBN) recently redesigned Nigeria’s currency, the Naira, and with the redesign came a number of policies and directives.

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One of the most urgent directives from the Central Bank following the Naira redesign is to completely phase out the old N1,000, N500 and N200 notes by the end of January.

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This rush to phase out the old banknotes has started to spread to major Nigerian institutions such as schools and churches.

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Numerous churches in Nigeria, ahead of CBN’s January 31 deadline to phase out old notes, have instructed their members to offer only new N1,000, N500 and N200 notes. Schools and dealers have also set deadlines for collecting the old coins.

This instruction comes despite a reported shortage of new Naira notes since the currency’s redesign. Even ATM The machines at this point are still dispensing old coins in large quantities, leaving Nigerians at a loss as to where to get these new notes from.

While each day sees an increase in the number of new Naira notes in circulation, there are still a large number of old notes that continue to be used for transactions, especially considering that the cut-off date is less than a week away.

According to a report in the Punch newspaper, Deeper Christian Life Ministry, a major church in Nigeria released a memo ordering its church leaders to stop collecting the old naira notes before the end of the month.

Punch obtained a copy of the memorandum signed by the church secretary of the Deep Christian Life Ministry, Pastor SM Afuwape.

The internal memo, titled ‘accommodation of old naira notes’ reads: “Greetings from Calvary in the name of Lord Jesus Christ. We inform you that the Central Bank of Nigeria’s deadline of January 31, 2023 on the validity of the old N200, N500 and N1000 banknotes in circulation is approaching. “The church wishes to inform you to sensitize your members and brothers to deposit all tithes and offerings collected in the Group on or before January 29, 2023.

Likewise, any old banknotes in the denominations specified above are not to be paid as an offering as of January 29, 2023. To that end, any old banknotes (in the prescribed denominations) brought to the venue that have not been deposited in the bank will be paid for the group. Thank you for your understanding and cooperation.

This type of directive has been given in numerous churches in the country.

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Credit: https://africa.businessinsider.com/local/markets/new-naira-shortage-churches-in-nigeria-bar-offerings-in-old-notes/zg42v9x

https://nnn.ng/naira-black-market-exchange-rate-today/

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