Emefiele: No Plans To Extend Deadline For Old Notes

According to Central Bank Governor Godwin Emefiele, there won’t be any further extensions to the deadline for presenting old notes whose redesigned counterparts are now in use.

The difficulties that have plagued the directive’s execution were acknowledged by Emefiele, but there would be no date extension, he said, adding that the CBN and other banks are attempting to resolve the issues.

The bank had set a deadline of January 31 for the submission of the old notes following a significant policy mandate to redesign the naira’s major denominations but then moved the deadline to February 10 in response to public outcry.

The apex bank’s Twitter account shared excerpts of Mr Emefiele’s press briefing which was held on Friday in Lagos.

“Central Bank Governor, Mr Godwin #Emefiele Briefs Media in Lagos…says no further extension in the deadline for depositing old series of N200, N500, and N1,000 banknotes,” the excerpt read.

Mr Emefiele urged Nigerians to be of calm conduct in the process of the implementation which has seen violent reactions in banks in some parts of the country. He added that the policy is of significant economic benefit in the long run.

“…the CBN is committed to ensuring a seamless, inclusive, and equitable implementation of the redesign exercise for the overall benefit of the people, financial system, and Nigerian economy as a whole.

“The advantages of the currency redesign are overwhelmingly enormous and will benefit the economy in the long run.

“We will take all the necessary steps to ensure that there will be a smooth flow of cash swaps and minimize the inconvenience in the short term We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance,” the tweets read.

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