The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has endorsed the extension of the validity of old naira notes from 31 January to 10 February.
The decision to extend the deadline was made by the Central Bank of Nigeria (CBN) and was met with approval from the president of ASSBIFI, Mr. Olusoji Oluwole.
In a statement on Sunday, CBN Governor, Mr. Godwin Emefiele, announced the extension of the deadline by 10 days, stating that the move was to allow for the collection of more old notes.
Furthermore, the CBN announced that there will be a grace period for Nigerians to deposit their old notes directly with the CBN until 17 February.
Mr. Oluwole praised the CBN’s decision, stating that it was a step in the right direction, especially in providing more time for the return of old notes after the actual date of invalidation.
However, he also urged the CBN to proactively monitor and address the insufficient availability and distribution of the new notes, as well as increase the sensitization of, and possibly incentivizing the general public on the cashless policy in order to reduce the pressure on cash.
Banks have been dealing with an increased number of customers rushing to beat the 31 January deadline set by the CBN for the return of old naira notes, which will cease to be legal tender.
New N200, N500 and N1,000 notes became legal tender on December 15, 2022 after they were unveiled by President Muhammadu Buhari in Abuja on 23 November, 2022.
However, many bank customers have complained that the new notes were not readily available and have yet to circulate adequately in the lead up to the expiration of the old notes.
