Senate to CBN: Extend deadline for use of old naira notes till July

The senate and house of representatives have directed the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation till July.

The resolution was passed on the floor of the senate and house of representatives on Tuesday.

Recall that in October 2022, Godwin Emefiele, CBN governor, announced the naira redesign policy which entails the issuance of new naira notes to replace the existing N200, N500 and N1,000 series.

The CBN said — 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.

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