….Buhari approves deadline extension
The Central Bank of Nigeria (CBN) has deployed 30,000 super agents nationwide to enhance its cash swap initiative in the hinterlands, rural areas and regions underserved by banks in the country.
This is coming as President Muhammadu Buhari approves the extension of the deadline for the return of old N200, N500 and N1,000 from January 31st, 2023, to February 10, 2023.
The CBN’s deployment of the 30,000 super agents was also to ensure that the weak and vulnerable persons are able to take their monies to the banks before the expiration of the deadline.
In compliance with Sections 20 (3) and 22 of the CBN Act, the CBN further offered a seven-day grace period beginning from February 10 to February 17, allowing Nigerians to deposit their old naira notes at the CBN after the February deadline when the old currency would have lost its legal tender status. The CBN Governor, Mr. Godwin Emefiele, disclosed this in a statement he personally signed yesterday.
Also speaking with journalists in the president’s country home, Daura, Katsina State, yesterday, Emefiele said the extension of the deadline was to enable more Nigerians successfully change their currencies to the redesigned banknotes, reduce the risk of loss, especially among the underserved in rural areas.
He said Nigerians in the rural areas, villages, the aged and vulnerable have the opportunity to swap their old notes, leveraging the Agent Naira swap initiative as well as the CBN senior staff nationwide sensitisation team exercise.
He said aside from those holding illicit/stolen naira in their homes for speculative purposes, the CBN remained determined to give all Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their trapped monies at the CBN for exchange.
Emefiele therefore appealed to Nigerians to work with the bank to ensure a hitch-free process for the implementation of the naira redesign programme, adding that the CBN staff are currently on mass mobilisation and monitoring together with officials of the EFCC and ICPC to achieve the desired objectives of the exercise.
Emefiele said, “From the onset of this currency redesign programme, we made it clear that for 19 years, the CBN hasn’t been able to conduct this important aspect of its mandate; whereas, this should normally have been done within five to eight years window.”
Emefiele thanked Buhari for giving the CBN the approval to embark on the currency redesign exercise which the bank has not had the opportunity to undertake in the past 19 years.
He said, “Indeed, let me emphasise that only an incorruptible leader of the president’s stature can give such approval to the CBN.
”Also speaking to journalists in Daura, Emefiele said: “Our aim is mainly to make monetary policy decisions more efficacious and as you can see; we have started to see inflation trending downwards and exchange rates relatively stable.
“Secondly, we aim to support the efforts of our security agencies in combating banditry and ransom taking in Nigeria through this programme and we see that the military are making good progress in this important task.”
He added: “Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.”According to Emefiele, to achieve effective distribution of the new currency, the CBN has taken some steps.He said several meetings were held with Deposit Money Banks and they were provided with Guidance Notes on processes they must adopt in the collection of old notes and distribution of the new notes, including directives that new notes should be loaded in ATMs nationwide for equitable and transparent mechanism.
The CBN governor explained that the regulatory body worked with the media, print and broadcast, and the National Orientation Agency on sensitisation of citizens.