Latest news on old naira note deadline
As of my knowledge cutoff, the deadline for the old Naira note to be phased out in Nigeria is January 31, 2023. Here are some latest updates on the topic:
Latest Update (January 26, 2023):
The Central Bank of Nigeria (CBN) has extended the deadline for the old Naira note to be phased out to February 10, 2023. This is the fifth time the deadline has been extended since the initial deadline of January 31, 2023.
Background:
In October 2022, the CBN announced that it would be withdrawing the old Naira notes (N200, N500, and N1,000) from circulation and replacing them with new ones. The move was aimed at reducing inflation, improving the economy, and reducing the use of cash in transactions.
Impact:
The phase-out of the old Naira notes has had significant implications for Nigerians, including:
- Cash scarcity: Many Nigerians have been unable to access cash, leading to long queues at ATMs and banks.
- Economic disruption: The phase-out has disrupted businesses, particularly in the informal sector, which relies heavily on cash transactions.
- Inflation: The scarcity of cash has led to an increase in prices of goods and services.
What's next:
The CBN has assured that it will continue to work to resolve the cash scarcity and ensure that the new Naira notes are available to the public. The bank has also set up a committee to investigate the causes of the cash scarcity and make recommendations to prevent similar situations in the future.
What you can do:
If you still have old Naira notes, you can:
- Deposit them in your bank account.
- Exchange them for new Naira notes at a bank or an ATM.
- Use them to pay for goods and services before the deadline.
Remember to always follow the guidelines set by the CBN and your bank to avoid any issues with your transactions.