Abuja – National Assembly has asked the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old N200, N500 and N1,000 notes from circulation.
Both the Senate and House of Representatives passed the resolution on Tuesday.
However, the CBN governor, Godwin Emefiele has said that there is no going back on the January 31 deadline date.
Emefiele, who spoke at the apex bank’s Monetary Policy Committee meeting in Abuja, stated that Nigerians were given enough time to replace their old notes with new ones.
In October 2022, CBN governor, Godwin Emefiele announced the naira redesign policy which entails the issuance of new naira notes to replace the existing N200, , N500, and N1,000 series.
According to the apex bank, N100, N50, N20, N10, and N5 notes would continue to be in circulation while the current N200, N500, and N1,000 naira notes will cease to be legal tender in the country after January 31, 2023.