Old Naira Notes: No Extension, January 31 Deadline Stands — Central Bank

Old Naira Notes: No Extension, January 31 Deadline Stands — Central Bank

The Central Bank of Nigeria (CBN) has stated once again that the deadline for exchanging old Naira notes for new ones is January 31, 2023.

On Friday, the Central Bank of Nigeria tweeted, “The current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

This means that the CBN has no official position as of today to shift its earlier deadline, and it is a hint that the old naira notes of 200, 500, and 1,000 denominations will be phased out 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.

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