CBN Refuses To Extend Deadline For Old Naira Notes

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has apologized to Nigerians for not allowing the deposit of old naira notes.

The senate and other groups have called on the apex bank to postpone the January 31st, 2023, deadline.

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Emefiele said that Nigerians have 100 days from the announcement date till the expiry date to deposit their old notes.

He gave Nigerians the assurance that the present sensitization will continue until the deadline of January 31st, 2023.

The apex bank said that it has so far collected between N1.3 trillion and N1.5 trillion but anticipates recovering around N2 trillion after the deadline of January 31.

Emefiele also said that the Monetary Policy Committee (MPC) has agreed to aggressively raise the interest rate to 17.5 percent while speaking to press at the conclusion of the inaugural MPC in Abuja on Tuesday.

The CBN governor said that there was “no cause to rejoice” despite the fact that December’s inflation rate dropped to 21.34 percent.