The Central Bank of Nigeria has cautioned supermarkets and commercial outlets to refrain from the indiscriminate rejection of old naira notes before the January 31st deadline.
Speaking in an interview in Ibadan, Mrs. Olufolake Ogundero, the CBN Branch Controller for Ibadan Zone, gave the warning and also frowned at some commercial outlets reportedly declining transactions with the old naira notes; she noted that the act violated the CBN cash policy as it remains a legal tender till the deadline.
The bank chief explained that it had sensitized residents on the return of old naira notes across the zones of Oyo state to ensure that none is left out in the CBN policy.
Similarly, Deputy Director at the CBN in the zone, Mr. Taiwo Oladimeji also hinted that the apex bank had kick-started its cash swap initiative to enable the rural dwellers who have no bank account to exchange their old Naira notes before the deadline.
Mr. Oladimeji explained that designated agents were contracted and deployed to rural communities to meet the desires of targeted groups.
Meanwhile, The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has reiterated that there would be no extension of the January 31 deadline for the Naira redesign policy.
The Pendulum Media had earlier reported that the CBN Governor at the end of the First 2023 Monetary Policy Committee (MPC) meeting in Abuja on Tuesday said there would be no extension to the deadline associated with the return of the old notes
According to him, all those who had the old notes had enough time to take them to the bank or swap them for the new ones within the time frame.
Emefiele said: “I must say that unfortunately, I don’t have good news for that feel we should shift the deadline, my apologies.
“The reason is because 90 days (we feel it’s 100 days) should be enough for those who have the old currency (Naira notes)to deposit it to the banks.”
In a similar development, the Senate on Tuesday again urged the Central Bank of Nigeria (CBN) to extend the use of old Naira notes till June 30, 2023.
This followed a motion on naira redesign moved by Senator Sadiq Sulaiman (APC-Kwaragiven the floor.
Senator Sulaiman said the call has become necessary in view of the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.
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