CBN rules out extension of deadline for phase-out of old Naira notes

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

The Central Bank of Nigeria (CBN) had said in October that the old Naira notes would be withdrawn from circulation on January 31, 2023.

Read also:CBN defends Naira’s value with $11.24bn

President Muhammadu Buhari unveiled the new N200, N500, and N1,000 notes last week in Abuja.

The CBN ruled the extension of the deadline in a series of tweets on its Twitter handle on Friday.

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, the CBN has revealed that there is a Mint Tracking System (MTS) to track initial recipients of new banknotes when cases of illegal sale of new banknotes arise.

The Deputy Director of Currency Operations Department, CBN, Amina Abdumalik Halidu-Giwa, disclosed this at a webinar organised by the Nsukka and District Society (NDS) arm of the Institute of Chartered Accountants (ICAN) in Abuja.

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