The Central Bank of Nigeria (CBN) has been in the news recently due to its decision to phase out old naira notes and introduce new ones. The move is part of the CBN’s efforts to combat counterfeiting and improve the overall quality of the country’s currency. However, the deadline for swapping old naira notes with new ones has been a source of controversy, with some Nigerians calling for an extension. In this article, we will take a closer look at the deadline for old naira notes and what it means for Nigerians.
Why is the CBN phasing out old naira notes?
The CBN’s decision to phase out old naira notes is aimed at reducing the circulation of counterfeit currency in Nigeria. Counterfeiting is a significant problem in Nigeria, with criminals producing fake naira notes that are difficult to distinguish from genuine ones. By introducing new naira notes with enhanced security features, the CBN hopes to make it harder for counterfeiters to produce fake currency.
What is the deadline for swapping old naira notes?
Initially, the deadline for swapping old naira notes with new ones was set for February 10, 2023. However, following calls for an extension, the CBN announced that it would extend the deadline by ten days [1]. The new deadline for swapping old naira notes is now February 20, 2023 [2]. This means that Nigerians have until February 20 to exchange their old nairadeadline for old naira notes notes for new ones.
What happens if you miss the deadline?
If you miss the deadline for swapping your old naira notes,deadline for old naira notes you will no longer be able to use them as legal tender. This means that you will not be able to use them to make purchases or pay bills. However, you can still exchange them for new naira notes at any CBN branch or designated bank [3]. It is important to note that there is no limit to the amount of old naira notes that you can exchange for new ones.
What are the consequences of missing the deadline?
If you miss the deadline for swapping your old naira notes, you may face some inconvenience. For example, you may not be able to pay for goods and services if you only have old naira notes. Additionally, you may have to travel further to exchange your old naira notes for new ones if you miss the deadline. However, there are no legal consequences for missing the deadline, and you will not be penalized for holding onto old naira notes.
Conclusion
The deadline for swapping old naira notes with new ones is fast approaching, and Nigerians are advised to take advantage of the extended deadline to exchange their old currency. The CBN’s decision to phase out old naira notes is a positive step towards reducing counterfeiting in Nigeria and improving the quality of the country’s currency. By exchanging your old naira notes for new ones, you can help to support this effort and ensure that Nigeria’s currency remains secure and reliable.