The old 200, 500, and 1,000 naira notes will no longer be accepted as legal money in Nigeria as of January 31. The Central Bank of Nigeria has stated that there is no going back on this decision.
After the Monetary Policy Committee meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele reaffirmed the position of the top bank.
Emefiele also stated that Nigerians had been given adequate time to exchange their old naira notes for new ones.
In addition, he claimed that since the redesign of the three banknotes, the number of kidnappings and ransom demands has decreased.
You can read more of such stories at Credible News.
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Even though the deadline is just a few days away, many Nigerians have bemoaned the lack of availability and shortage of the new naira notes, criticizing banks for still handing out the outdated notes to consumers as recently as today.
The CBN, however, excluded Lagos and Abuja mobile money/Point of Sales operators from the program in an effort to guarantee that everyone is carried along, and launched a nationwide cash swap program to allow residents in unbanked areas to exchange their old naira notes before the January 31 deadline.
Additionally, the Central Bank of Nigeria (CBN) recently instructed commercial banks to immediately suspend the over-the-counter withdrawal of the new naira notes and load the redesigned naira notes into their automated teller machines to increase circulation.
However, despite the apex bank’s efforts, bank clients have persisted in bemoaning the lack of availability of the new naira notes.
You can read more of such stories at Credible News and The Cheer News
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