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CBN Refuses To Extend Deadline For Old Naira Notes

Why CBN Refused To Extend Deadline For Old Naira Notes

Central Bank of Nigeria's (CBN) governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. Nigeria's central bank said today it will ease currency controls and allow the naira to devalue as the country works to attract investment amid a worsening economic outlook. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven". / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP/Getty Images)

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has apologised to Nigerians for not extending the deposit of the old naira notes.

There have been calls from several quarters including the senate for the apex bank to extend the deadline of January 31st, 2023.

CBN Bars Lagos, Abuja POS Operators From Cash Swap Programme

Why CBN Refused To Extend Deadline For Old Naira Notes

Emefiele said 100 days from when the announcement was made, to the expiration date was enough for Nigerians to deposit their old notes.

He assured Nigerians that the ongoing sensitisation will continue after the 31st of January, 2023 deadline.

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The apex bank said it has received between N1.3 trillion to N1.5 trillion so far but expects it will recover over N2 trillion after 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.

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

In other news, Kanyi Daily reported that the Central Bank of Nigeria (CBN) says some mobile money/Point of Sales (POS) agents in Abuja and Lagos have been excluded from its newly launched cash swap programme.

This was disclosed in a document containing frequently asked questions made available to some selected operators.

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