No going back on January 31 deadline to phase out old N200, N500, N1,000- CBN … Says Banks only authorized to dispense New banknotes via ATMs,

Oru Leonard 

The Central Bank of Nigeria (CBN), has reiterated that there is no going back on the January 31 deadline to phase out old N200, N500, N1,000.

The CBN Governor, Mr Godwin Emefiele had insisted that the January 31 deadline remained sacrosanct, adding that the 100 days provided for people to deposit existing banknotes in commercial banks was adequate.

The CBN yesterday, clarified that for now, banks were only authorised to dispense the new N200, N500 and N1, 000 banknotes through Automated Teller Machines (ATMs). The apex bank said it had intensified efforts to ramp up circulation of the new notes.

Recall that President Muhammadu Buhari, on November 23, 2022, unveiled the redesigned banknotes during the weekly Federal Executive Council (FEC) meeting.

Photo Credit: Tribune