Monday, November 4, 2024

10 THINGS TO KNOW ABOUT THE CBN NEW NAIRA DEADLINE.

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We know you have questions like “When is the naira notes deadline?”,  “Will the naira note not deadline be extended? “, “Is CBN bigger than Buhari ?”, ” Where can i get the new naira notes” . The answers to some of these questions can be found in the article provided. It is recommended to take the time to read through it.

Recall that CBN woke up on the 26th of October and announced to Nigerians that the 200, 500, and 1000 naira notes will cease to become legal tender after January 31st, 2023.

Why? Who did those notes offend? Three highest currencies in Nigeria!!!

They didn’t offend anybody. CBN has decided to rebrand and make them ‘more beautiful’. This was greeted with mixed feelings. Some complained and some kept mute. After all, there is no difference in the value just looks.

The deadline is looming and these naira notes are still flying around like we are not part of this ‘change’. Probably the last ‘change’ before ‘Sai Baba steps down.

For those of us who don’t care about the naira notes and use anyone that comes, here is what CBN said I should tell you about the deadline:

  1. As you know, The Central Bank of Nigeria (CBN) has set a deadline, 31st January 2023 for these naira notes. Do well to deposit these old notes even if it is just 200 naira..
  2. The naira notes affected are just 200 naira, 500 naira, and 1000 naira notes. Every older note maintains its look.
  3. The CBN has urged Nigerians to exchange or deposit their old banknotes at commercial banks before the deadline.
  4. Banks have been directed to close all accounts which have not been reconciled and to report any suspicious transactions to the relevant authorities.
  5. After the deadline, the affected naira notes will no longer be legal tender and will not be accepted for transactions.
  6. The CBN has stated that demonetization is aimed at stopping ‘counterfeit and hoarding ‘ according to CBN boss, Godwin Emefiele.
  7. The move is also intended to curb illicit financial activities such as money laundering and financing of terrorism.
  8. Some people may have difficulties in exchanging their banknotes, as the deadline is close, so it’s important to be aware of the nearest bank that is still accepting the old banknotes.
  9. The CBN has shunned all calls as regards the extension of the deadline. So it is either you deposit the money before the said date or the money becomes unaccepted.
  10. CBN encourages e-payment ahead of the deadline. We operate in a cashless society so instead of carrying cash, especially the affected naira notes, you can opt for electronic devices for transactions.

Many Nigerians are struggling with the demonetization process as the new naira notes are not widely available. Many businesses, particularly markets, have stopped accepting the old notes as valid payments. Even bike drivers are now only accepting electronic transfers. If you know anyone who has the new naira notes, marry them ASAP !!! Because “na them dey hot like this o“.

Additionally, The Senate has asked the Central Bank of Nigeria (CBN) to extend the deadline from 31st January 2023 to June 31st, 2023 . The big questions are  “Is CBN Bigger than the senate“, and “How  adamant Is the Governor of CBN  Emefile”  , “As with many Nigerian policies, will the deadline be shifted”

 

 

 

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