Old Naira notes: Senate seeks extension of CBN deadline to June 30th, 2023

The Senate has asked the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31st to June 30th, 2023.

The recommendation was made by senator Ali Ndume during plenary at the Senate chambers. He said the notice given by the CBN is too short, considering the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.

The Apex bank had released a circular stating that the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the old notes will seize to be legal tenders.