Naira Redesign: CBN says no extension after January 31, 2023 deadline
..as CBN team sensitize Oba community on Naira Redesign
By Uzo Ugwunze
The Central Bank of Nigeria (CBN) has taken the campaign about ‘What People need to know about Naira redesign’ to the Oba community urging people to dispose of every single old 200, 500 and 1000 banknotes in their possession on or before January 31st, 2023.
Speaking at Igwe EzeOkpoko palace, the CBN team leader, Nze Edwin Nzelu stressed that there will be no extension after January 31, 2023 deadline.
He encouraged people to explore alternative channels of financial transactions such as eNaira, POS, electronic transfer, USSD Internet banking and mobile money operators and agents.
“We are here to sensitize people about the newly redesigned naira banknotes. They are genuine. We are here to show people who have not seen them how it looks including quality features that will help you know the genuine notes. It is a colour swap and it would be more difficult to produce its counterfeit.
“Only three out of the current eight denominations were redesigned with new colour and better features namely the 200, 500 and 1000 naira banknotes but the old notes should not be rejected until January 31, 2023. The 5, 10, 20, 50 and 100 naira banknotes are still legal tenders.
“Everyone should mop his or her house and search for hidden funds. Go to the bank and deposit it. There is no limit or extra charges to fund deposits and most banks are working from Monday to Saturday until January 31, 2023 provided you are depositing money,” Nzelu said.
However, the Oba Patriotic Union (OPU) President General, Rev Chris Emelie noted that before then several people who went to bank could not access the newly redesigned notes while making fund withdrawals.
Responding to the remark, Nzelu said that CBN has mandated Banks to stop payment with the newly redesigned notes across the counter to avoid few persons using their cheque book to collect all the new notes available at their banks.
“Yesterday, CBN held a meeting with commercial banks insisting that only the newly designed banknotes should henceforth be loaded and dispensed via the ATM. If you go back to your bank ATM again from today you can withdraw newly redesigned banknotes,” said Nzelu.
He further advised people who have no bank account to open one immediately or look for a trustworthy relative or friend who has a bank account where he can deposit money especially old notes on or before January 31, 2023 assuring that afterwards the person can withdraw newly redesigned money from February 1, 2023 which would be much more in circulation.
Receiving the CBN team, the Regent of Oba, Prince Noel Ezenwa(Ezeamaalu Oba) prayed that God would bless their efforts towards sensitizing the citizens on what they need to know about the newly redesigned banknotes.
Moreover, the CBN sensitization team stormed the major Afor Uzo Oba market where after informing the traders on the need to dispose old 200, 500 and 1000 banknotes in their possession before the deadline urged them not to reject the notes as means of exchange for purchasing goods and services before January 31, 2023.
Moreso, the Afor Oba Market Master Operations, Nze Augustine Ofochebe assured the CBN team that the market authorities will further circulate the information to every trader, line and union in the market saying that nobody should take the information about end of old naira notes circulation lightly.
Highlights of the sensitization program was the formal presentation of the newly redesigned banknote posters and some newly redesigned banknotes by the CBN team to the Regent and PG during the courtesy call at the palace and office respectively.
