The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes by 10 days.
CBN governor Godwin Emefiele in a statement said the new deadline is Friday, February 10, 2023.
Emefiele made the announcement after meeting President Muhammadu Buhari who is on a working visit to Katsina State.
Buhari on Saturday backed the CBN’s plan to phase out the current 200, 500, and 1000 naira notes by Tuesday, January 31.The Presidency in a statement said Buhari insisted that the policy is “aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
“This, he assured, will stabilize and strengthen the economy.”
Buhari’s stance opposes that of former vice president Atiku Abubakar, presidential candidate of the All Progressives Congress (APC) Bola Tinubu, and many Nigerians who complained that the new notes are not in circulation.
Kano State governor Abdullahi Ganduje for the same reason told President Muhammadu Buhari to postpone his visit to the state as he is “deeply concerned” about the hardship it is causing locals.
Senate during the plenary on Thursday urged the CBN to extend the deadline to July 31, citing fears that millions of Nigeria’s unbanked and rural dwellers may be hard done by if the initial date remains.
The Presidency, however, said Buhari notes the public complaints but assured that there will be no disruption in business and other supply chains of the economy as the deadline will remain.
“While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.” (Guardian)