BREAKING: We will not extend Naira notes deadline – CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the apex bank will not extend the deadline to halt the use of the old 200, 500 and 1000 Naira notes.

Emefiele said this during the CBN/Monetary Policy Committee (MPC) briefing in Abuja, on Tuesday, January 24, 2023.

What you should know: Earlier today, the Nigerian Senate directed the CBN to extend the mop-up deadline to July 31, 2023.

What CBN replied: “I don’t have good news for those who feel we should shift the deadline; my apologies,” Emefiele said.

“The reason is because 90 days should be enough for those who have the old currency to deposit it in the banks.”

The current deadline: CBN had set the deadline for the termination of the old Naira notes as legal tender is January 31, 2023; a week from today.