The Central Bank of Nigeria, CBN, has given a new update on the deadline to dispose of the old naira notes.
CBN revealed this on Monday in a mass message to Nigerians.
Nigeria’s main bank urged Nigerians not to wait until the January 31, 2023 deadline before depositing their old N200, N500, N1,000 naira with the bank.
“Don’t wait until January 31, 2023 to deposit your old N200, N500 and N1,000 notes at your bank or agent,” the SMS reads.
Earlier, the CBN ordered all commercial banks to load their ATMs with the new naira notes.
The Director of Foreign Exchange Operations, Mr. Ahmed Umar, made this disclosure.
“We, the CBN management, have ordered the banks to stop putting old bills in their ATMs. They should only put the new bills, ”he said.
DAILY POST checks found that the Maitama, Wuse, Jabi, Utako, Kubwa and Gwarimpa areas of the Federal Capital Territory are still not fully compliant.
Benjamin Anayo expressed disappointment after an ATM in Wuse Market handed him old naira notes.
He said, “I came here to withdraw money to buy some ingredients at the Wuse market, but to my surprise, the N20,000 I withdrew came out on old bills.”
Another bank customer, Adamu Abdullahi, said that when he used the ATM in Utako, he dispensed new and old Naira notes.
Reacting to the development in a chat with DAILY POST, financial inclusion/wealth management expert Mr. Idakolo Gbolade called on CBN to extend the deadline to avoid a new micro-economic problem caused by a shortage of new naira notes .
“The CBN needs to properly address the current shortage of new banknotes, as most banks have limited quantities to charge their ATMs. When you visit most ATMs in urban areas, you will discover partial compliance with CBN directives, as the ATMs are loaded with a mix of old and new bills.
“Due to the looming deadline, the CBN must publish its performance in distributing the new notes and probably extend the deadline to ensure that the shortage after the January 31 deadline does not create a new microeconomic problem for the country. “, said.