Tinubu, National Assembly Magic wand as CBN Extends Old Naira Notes swap

Asiwaju Bola Ahmed Tinubu, Presidential candidate of APC
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By Yahaya Idris.

All Progressives Congress, APC, presidential flagbearer, Asiwaju Bola Ahmed Tinubu, for the 2023 election should be commended by all Nigerians irrespective of religion, ethnic and political differences for his resilience and commitment towards a working Nigeria.

Tinubu had openly condemned the suffering Nigerians were passing through and had also made an appealed to Federal Government and Central Bank of Nigeria (CBN), to consider the present situation and extend the old naira notes swap in order to reduce the hardship at the moment.

National Assembly Logo
National Assembly Logo

However, the opposition party especially that of the People’s Democratic Party, PDP, attack Tinubu for fronting campaign for the reversal of his own government policy, accusing Tinubu of insulting President Muhammadu Buhari.

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Few days after the criticism on Tinubu, Alhaji Atiku Abubakar, the PDP Presidential candidate also joined the campaign for extension of time.

The National Assembly being the closest representatives of the people also took the bull by the horn to persuade FG and CBN to reverse its earlier decision to allow Nigerians have access to new naira notes before.

Consequently, the Central Bank of Nigeria (CBN) has finally extended the deadline for the swap of old naira notes at commercial banks by 10 days.

The CBN governor, Godwin Emefiele, who spoke to journalists Sunday morning, said he had the approval of President Muhammadu Buhari for the extension.

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The new deadline is now 10 February instead of the former 31 January deadline, he said.

Emefiele spoke in Daura, Katsina State, after a meeting with the president who is in his home state for official duties.

Emefiele said Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.

He said people must utilize the opportunity because the deadline will not be extended again.

CBN Bank
CBN Bank

Global Times Nigeria reports that the CBN had in October 2022 introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st January for the use of the old notes.

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However, the new notes have been scarce, thus leading to calls for an extension.

Emefiele did not elaborate on what the central bank was doing to resolve the scarcity of the new notes.

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