The Central Bank of Nigeria (CBN) recently announced that the deadline for exchanging old Naira notes has been extended. This decision was made due to a scarcity of the new Naira notes in circulation and the pressure on the apex bank to extend the deadline.
The scarcity of the new notes has caused significant inconvenience for the general public, who have had to struggle to obtain them.
The CBN had originally set a January 31, 2023 deadline for exchanging old naira notes for new ones. However, due to a lack of new notes, the Apex bank has now extended the deadline until February 10, 2023.
This extension will provide more time for Nigerians to exchange their old notes and will help ensure that everyone has access to the new currency.
A number of factors have contributed to the scarcity of new naira notes, including the high demand for new notes.
The new naira notes have enhanced security features, such as advanced anti-counterfeiting measures. This is critical for preserving the integrity of Nigeria’s currency and combating fraud. The look of the new notes has received several criticisms from Nigerians.
The extension of the deadline for exchanging old naira notes is a step in the right direction for Nigeria. It will give everyone more time to exchange their old notes and will contribute to the widespread availability of the new naira notes.
Though committed to addressing the scarcity of the new notes and maintaining the currency’s integrity in Nigeria, CBN claims that it has disbursed the new notes to the bank; thereby shunning reports of the scarcity.
Nigerians have been running to banks, with the hope of swapping their old notes for the new ones before the deadline, however, the banks said that the new notes are not available.
On January 27, 2023, many banks claimed they did not have the new notes so customers were not able to withdraw via the counter or ATM. The banks stated that customers could only collect old notes but were unable to dispense them via the ATM.
The scarcity of cash has further hardened the lives of Nigerians who have been dealing with petrol scarcity (and its unregulated price) and the inability to make some purchases. Some sellers refused to collect old notes from their customers.
Illegal sales of naira note
The Department of State Services (DSS) on Monday arrested some members of organized syndicates involved in the sale of the newly redesigned naira notes.
According to DSS, the syndicates colluded with some commercial bank officials and were apprehended during the secret police operation across the country.
The scarcity of new Naira notes has been caused by a number of factors, including the high demand for the new notes, and the slow pace at which they are being produced. The CBN has been working hard to address the shortage, but it has been a slow process. Despite these challenges, the CBN remains committed to ensuring that the new Naira notes are widely available.
The new Naira notes feature improved security features, including advanced anti-counterfeit measures. This is important for maintaining the integrity of Nigeria’s currency and helping to combat fraud. The new notes also have a more modern and appealing design, which has been well received by the public.
In conclusion, the extension of the deadline for exchanging old Naira notes is a positive step for Nigeria. It will give everyone more time to exchange their old notes and help to ensure that the new Naira notes are widely available. The CBN is committed to addressing the scarcity of the new notes, and to maintaining the integrity of Nigeria’s currency.
