Nigeria’s central financial institution extends deadline to show in outdated naira notes

ABUJA, Jan 29 (Reuters) – Nigeria’s central financial institution will lengthen by 10 days a deadline for swapping outdated naira forex notes, it stated in an announcement on Sunday.

Nigerians will now have till Feb. 10 to show in 1,000 ($2.17), 500 and 200 naira notes. The central financial institution (CBN) began releasing newly designed notes final month however many say they can’t discover them at banks or money machines.

CBN Governor Godwin Emefiele, in an announcement, stated the brand new deadline would enable extra of these in rural communities to alternate the outdated notes.

After the Feb. 10 deadline, the assertion stated, Nigerians would have an additional seven days to deposit outdated notes instantly with the CBN.

Nigerian legislators and opposition presidential candidate Atiku Abubakar had known as on the central financial institution to increase the Jan 31 deadline. The latter stated that an extension would assist in “lowering the monetary penalties for residents”.

Nigeria, Africa’s largest economic system, continues to be cash-reliant, notably among the many unbanked and rural communities. Many worry the push for brand spanking new notes might disrupt enterprise.

The CBN says recalling the notes is a part of plans to scale back the usage of money. About 1.3 trillion naira in outdated notes has been deposited into the financial institution because the announcement in October, the financial institution has stated.

Reporting by Camillus Eboh; Writing by Libby George;
Modifying by Alison Williams

Our Requirements: The Thomson Reuters Belief Rules.

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