Emefiele Rules Out Extension on Old Naira Notes Exchange

Amidst growing concerns and appeals to the Central Bank of Nigeria to extend the January 31 deadline to end transactions with old naira notes, the CBN Governor, Mr. Godwin Emefiele said there was no justification for such shift.

Emefiele made the assertion on Tuesday in Abuja, after the Monetary Policy Committee, MPC, meeting of the apex bank.

He stressed that the 90 days window permitted for Nigerians to deposit their old currencies was enough.

“We called on the Deposit Money Banks, DMBs, to extend their working hours, and to work on weekends,” the CBN governor said.

He insisted that the new currencies are available as such, “there is no reason to talk about a shift.”

The CBN governor similarly said that the apex bank had directed commercial banks to feed the new notes into their Automated Teller Marchines, ATMs, for Nigerians to have equal access.

“We have increased disbursement of the new notes to them. There is adequate quantity of new notes available.

“Our mint is producing, and we are supplying the banks. We have super agents in underserved areas like riverine communities, and CBN staff members have been out on mobilisation.

“We believe that by Jan. 31, the new naira notes would have permeated the nooks and crannies of the country,” he said.

He said that the CBN had so far received about N1.5 trillion of the old Naira notes.

He urged Nigerians to accelerate the process of taking their old notes to the banks before the deadline, adding that they should not fear harassment for security agents.

“We have begged the EFCC and the ICPC to allow Nigerians deposit their old Naira notes,” he said.