BusinessDay

Old Naira notes: CBN on sensitisation drive in Cross River, insists on January 31st deadline

The Central Bank of Nigeria (CBN) has said that there would be no extension of the January 31st dateline given by the apex bank as regards the exchange of new naira notes at the expiration of the timeline given.

The branch controller of the bank, Glory Iniunam gave the clarification in Calabar during a sensitisation tour of major markets in Calabar South Local Government Area and Calabar Municipal Council of Cross River State

According to the branch controller, “We are here to sensitise the people on the acceptance of the new re-designed naira notes to let people know that on 31st January the new notes will cease to exist.”

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She said for now, the banks are not supposed to feed the ATM with old naira notes, and that it is now an offence to dispense old naira notes on ATM machine.

“There is going to be stiff penalty for defaulting banks because we are doing spot check on banks across the country,” she said.

Places visited include the popular Watt Market, Calabar South Local Government, Etim Edem Park in Calabar Municipal Council, Bogobiri, Mariam Market, Ikot Ishie Market, among others.

CBN had given January 31st as deadline for the exchange of old naira notes, but many stakeholders have called for extension.