JUST IN: Old Naira Notes Deadline Remains As Scheduled – CBN

CBN To Fine Banks N1 Million Per Day For Not Picking New Naira Notes

The Central Bank of Nigeria has not extended or changed the deadline for depositing old naira notes (CBN).

The governor of the Central Bank of Nigeria, Godwin Emefiele, apologized to Nigerians for not extending the deadline but insisted that Nigerians had 100 days from the announcement to deposit their old notes.

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He assured Nigerians that the current sensitization campaign would continue until the January 31st, 2023 deadline.

The central bank stated that it has received between N1.3 trillion and N1.5 trillion so far, but expects to recover around N2 trillion after the January 31 deadline.

Speaking to journalists at the end of the first Monetary Policy Committee (MPC) in Abuja on Tuesday, Emefiele also disclosed that the Committee has decided to aggressively increase the interest rate to 17.5 percent.

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Emefiele noted that despite the drop in inflation in December to 21.34 percent there was “no reason to celebrate”.

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