Today news about old naira note

Here are some recent news updates about the old Naira note:

Latest Update: The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old Naira notes to January 31, 2024. This is the fifth time the deadline has been extended since the policy was introduced in October 2022.

Background: In October 2022, the CBN announced that it would be withdrawing the old N200, N500, and N1,000 notes from circulation and replacing them with new ones. The move was aimed at reducing counterfeiting and promoting financial inclusion.

Recent Developments:

• On January 9, 2024, the CBN announced that it had received over N2.7 trillion in old Naira notes since the policy was introduced.
• The CBN has also set up a special task force to monitor and enforce the policy, with a focus on preventing hoarding and illegal activities.
• Some Nigerians have expressed frustration with the policy, citing difficulties in accessing cash and the inconvenience caused by the lack of new Naira notes in circulation.
• The policy has also led to a surge in the use of digital payment methods, such as mobile money and online banking.

Quotes from Key Officials:

• Godwin Emefiele, Governor of the CBN, has said that the policy is necessary to reduce the country's reliance on cash and promote financial inclusion.
• "We are not going to tolerate any form of hoarding or illegal activities. We will ensure that those who are found to be hoarding or engaging in illegal activities are brought to justice," Emefiele said.

Public Reaction:

• Many Nigerians have taken to social media to express their frustration with the policy, citing difficulties in accessing cash and the inconvenience caused by the lack of new Naira notes in circulation.
• Some have also praised the policy, citing the benefits of reducing cash transactions and promoting financial inclusion.