Business
CBN Insists On January 31 Deadline For Exchange Of New Naira Notes
As New Cash Withdrawal Policy Commences
The Central Bank of Nigeria (CBN) has reiterated that the deadline for exchange of the old Naira notes for new ones remains January 31, 2023, the bank said last weekend.
The assertion by the bank came as the new cash withdrawal policy introduced by the bank which restricts amounts anyone can take from over the bank or at ATM.
In its official twitter handle @cenbank, on Friday, the apex bank wrote, “The current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023.”
This means that there is no official position as at today by the CBN to shift its earlier deadline, and a pointer to a resolve to phase out the old naira notes of 200, 500, and 1,000 denominations over the next few days.
Last October, the CBN had announced that the old Naira notes would cease to circulate, and be legal tender from January 31, 2023 after detailing a number of reasons for the action.
The announcement had sparked various reactions from the public, which in part, informed the call by the National Assembly for CBN to extend the deadline of January 31, 2023.
GWG.ng reports that the assertion by the CBN on the deadline on the exchange of the old naira notes came as the cash withdrawal policy came into effect on Monday, January, 9, 2023.
Under the new policy, the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations is N500,000 and N5 million, respectively. Individuals or organisations that have a compelling need to withdraw above the approved limits to transact legitimate businesses will have to pay a processing fee of three per cent and five per cent respectively.
With additional reports from Tribune
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