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CBN will not extend deadline for old naira notes – Emefiele

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New naira notes: CBN fine banks N1m daily for refusing to disburse

The Central Bank of Nigeria (CBN) has foreclosed the possibility of extending or shifting the deadline on the deposit of the old naira notes.

Governor of the central bank, Godwin Emefiele apologized to Nigerians for not extending the deadline but stated that 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 sensitization will continue after the 31st of January, 2023 deadline.

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.

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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”.

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