The Central Bank of Nigeria (CBN) recently announced an extension of the deadline for the collection of old Naira notes.
The deadline, which was previously set to end on the 31st of January, has now been extended by 10 days and is now scheduled to end on the 10th of February.
This decision was made to provide additional time for individuals who may not have had the opportunity to exchange their old Naira notes within the original deadline.
The CBN has made several attempts to phase out the old Naira notes in circulation and replace them with the new ones. This process is aimed at reducing the amount of counterfeit notes in circulation and making it easier for the central bank to keep track of the country’s money supply.
The old Naira notes will no longer be valid after the deadline and individuals who still hold on to them will not be able to use them to make purchases or transactions.
The Central Bank of Nigeria has also encouraged individuals to make use of digital banking platforms and mobile money services to minimize the use of physical cash. By doing so, it reduces the need for physical cash and makes it easier for the central bank to monitor the money supply.
Despite the efforts of the Central Bank of Nigeria to phase out the old Naira notes, some individuals have expressed their frustration with the process. Some have claimed that they were not aware of the deadline or that they did not have the opportunity to exchange their old Naira notes within the original deadline. This has led to the CBN’s decision to extend the deadline for the collection of the old Naira notes.
The Central Bank of Nigeria’s decision to extend the deadline for the collection of old Naira notes has been met with mixed reactions. Some individuals are pleased with the additional time, while others are frustrated with the process.
Regardless of these reactions, it is important for individuals to take advantage of this opportunity to exchange their old Naira notes and ensure that they are not left holding on to outdated currency.
The CBN’s goal of reducing the amount of counterfeit notes in circulation and making it easier to monitor the money supply is commendable and individuals should do their part in supporting this goal by exchanging their old Naira notes within the new deadline.
