Summary:
- The Central Bank of Nigeria (CBN) has stated that the February 10, 2023 deadline for the old Naira notes remains despite a Supreme Court order.
- The CBN is willing to receive old notes, but only through its branches, not commercial banks.
- Nigerians are struggling to obtain the new Naira notes, and there is no clear reason for their limited availability.
The Central Bank of Nigeria (CBN) has stood its ground on the February 10 2023 deadline for the old Naira notes, that is N1,000, N500 and N200, saying that they are no longer legal tender. Its stand goes against a Supreme Court order, according to Peoples Gazette, barring the expiration date.
As of today, February 14, there are still more old Naira notes in circulation than the new ones, which have continued to prove elusive.
The stance was reiterated on Monday, after journalists asked Haladu Idris Andaza, CBN’s branch controller in Bauchi State, about the situation with the Naira currency swap.
“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the bank and deposit which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he said.
According to Andaza, there are branches of CBN in all 36 states of the country and they are the only places where you should be able to swap the old Naira. However, depositing money at the CBN requires you obtaining a form on the bank’s portal.
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Where are the new Naira notes?
Nigerians have been going out on a limb every day they try to obtain the new Naira notes from their banks before the February 10 deadline. Commercial banks have been reportedly paying a minimum of N10,000 per customer and this is rarely enough as majority of people eventually come back empty handed because the new currency was exhausted before it reaches their turn.
POS operators who manage to obtain the new currency are also charging exorbitantly, going as far as 20% of withdrawn funds.
There were rumours that the CBN was incapacitated to print enough new Naira notes. However, CBN governor Godwin Emefiele debunked the rumour. In a signed statement, the bank claimed that the Nigerian Security Printing and Minting Company produce the required indent of the Naira.
There is no clear guidance as to why the new Naira notes has not been made available for everyone to swap them for the old ones. With large volume of the old Naira notes still in circulation, Nigerians are on the edge as to what will happen to these monies.
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