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March 3, 2024

ASSBIFI commends extension of validity of old Naira notes

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By Esenvosa Izah

 

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Sunday in Lagos endorsed the extension of the validity of old naira notes from Jan. 31 to Feb. 10.

Its president, Mr Olusoji Oluwole, told the News Agency of Nigeria (NAN) that the CBN decision to extend the deadline was a step in the right direction.

CBN Governor, Mr Godwin Emefiele, in a statement on Sunday said the CBN added a 10-day extension of the deadline of Jan. 31 to Feb. 10, to allow for the collection of more old notes.

He also noted that Nigerians would still have grace period to deposit their old notes directly with the CBN until Feb. 17.

“It is a step in the right direction, especially in providing more time for the return of old notes after the actual date of invalidation.

“CBN, however, needs to proactively monitor and address sufficient availability and distribution of the new notes.

“It should also increase sensitisation of, and probably incentivising the general public on the cashless policy to reduce the pressure on cash,’’ Oluwole said.

Banks have been contending with increased number of customers rushing to beat the Jan. 31 deadline given by CBN for the return of old naira notes which would cease to be legal tender.

New N200, N500 and N1,000 notes became legal tender on Dec. 15, 2022 after they were unveiled by President Muhammadu Buhari in Abuja on Nov. 23, 2022.

Many bank customers, however, complained that the new notes were not readily available and have yet to circulate adequately four days to the expiration of the old notes. (NAN) (www.nannews.ng)

 

Edited by Chidinma Agu/Alli Hakeem

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