Business
Chicken Republic bans old naira notes days before CBN deadline
Nigerian restaurant firm, Chicken Republic, has announced that the use of the old naira notes has been banned from its fast-food chains ahead of the deadline.
In a notice to customers seen by Ripples Nigeria, it was learnt that Chicken Republic stopped accepting the old naira notes starting from January 25.
This is seven days before the deadline of January 31, 2023, set by the financial regulator of the country, the Central Bank of Nigeria (CBN).
Recall that this publication had reported that the central bank announced in October last year its intention to redesign the N200, N500 and N1,000 notes.
President Muhammadu Buhari unveiled the new banknotes in December 2022, with mixed reactions trialing the timeline set to phase out the old currencies.
READ ALSO:CBN tells Nigerians to reject old naira notes from banks
Nigeria’s regulator has resisted calls from the citizens and the National Assembly to extend the deadline, with the lawmakers stating that the Bank of England gave the UK citizens two years’ notice before phasing out the currency with the face of Queen Elizabeth for the new currency with King Charles.
During the Senate’s plenary on Tuesday, the apex bank was asked to extend the deadline by six months, however, the Governor of the CBN, Godwin Emefiele, on the same day after the Monetary Policy Committee (MPC) meeting, reiterated that the deadline remains January 31, 2023.
In the notice by Chicken Republic, the firm wrote that “In line with the Central Bank of Nigeria directive, Chicken Republic will stop collection of old Naira notes (N200, N500 and N1,000) from the 25th of January 2023.
“We will accept new notes and all existing electronic payment means,” the restaurant’s management said.
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