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REMINDER!! The CBN insists that the deadline for submitting old naira notes cannot be extended

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Taraba State has now been included in the Central Bank of Nigeria’s (CBN) education program.

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The CBN’s education campaign to the merchants on Saturday resulted in a temporary slowdown in business at the main market in Jalingo as a result of the need to deposit old Naira notes in banks by January 31, 2023, or else.

Malam Ibrahim Hassan, the bank’s Director of Financial System and Strategy, led the group in urging those who still had the notes to deposit them in banks immediately because the January deadline would not be extended.

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Hassan assured the business community, representatives of commercial banks, and Points Of Sale (POS) operators who were present in the market that the deadline for the deposition of the notes would not be extended and that there were no fees associated with the process.

He claimed that no one group of people was the focus of the decision to modify the notes.

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According to data, the public has been storing a lot of old banknotes in their homes, which has resulted in a lack of clean, functional notes. He added that the new notes will stop the proliferation of counterfeit notes, enhance the economy, and lower cash management costs.

The global benchmark for revamping is every five to eight years, he added, thus the naira was beyond due.

Malam Ahmed Mustapha, head of the CBN’s currency unit, added his voice to Hassan’s and informed the crowd that the new notes passed all criteria and should be accepted for use in all transactions.

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