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No Extension Of Date For Depositing Old Naira Notes – CBN

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Business activities were temporarily slowed down at the Jalingo main market on Saturday, January 21, 2023, as the Central Bank of Nigeria, CBN, took its enlightenment campaign to the traders to enlighten the people on the importance of depositing their old Naira notes in banks on or before January 31, 2023.

Led by the Director of Financial System and Strategy of the bank, Malam Ibrahim Hassan, it urged those who are still in possession of the notes to, as a matter of urgency, deposit them in banks as there would be no extension of the January deadline.

Stressing that the deadline for the deposition of the notes will not be extended, Hassan told the business community, officials of commercial banks, and Points Of Sale, POS, operators, who were present in the market, that there was no limit to the amount of money to be deposited by individuals, adding that no charges are attached.

He said the decision to redesign the notes was not targeted at any group of individuals.

“Data has shown a large volume of old banknotes stored at homes by the public has led to a shortage of clean and fit notes,” he said, adding that the new notes will check the spread of counterfeit notes and strengthen the economy as well as reduce expenditure on cash management.

He also said the naira was due for redesign as the global standard for redesigning is five to eight years.

Aligning his weight to that of Hassan, Malam Ahmed Mustapha of the currency unit of the CBN told the people that the new notes met all the required standards and should be accepted for transactions by all.

CBN Issues Statement Affirming Emefiele Will Keep Performing Duties As Directed By Buhari

The Central Bank of Nigeria, CBN, has announced the resumption of its governor, Godwin Emefiele.

The governor flew out of the country late last year amid reports that the Department of State Services, DSS, was plotting to arrest him for allegedly sponsoring terrorism.

The apex bank, in a statement on Monday, January 16, 2023, said the governor was back with renewed vigour.

“The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, has resumed duty after his annual vacation abroad. Mr. Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023.”

“The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.

“Mr. Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.

“While thanking the public for keeping faith with the Bank, we urge Nigerians to continue to support the policies of the Bank aimed at ensuring a stable financial system and the Nigerian economy in general,” read the statement signed by Osita Nwanisobi, Director, Corporate Communications, CBN.

After failing to appear before the House of Representatives which summoned him over some policies of the bank, CBN had announced that the governor was out of the country.

Emefiele had returned to the country on Monday, and hours after his return, news started circulating that DSS had invaded the bank, seeking to arrest him, but the secret police denied this.

A Federal Capital Territory, FCT, High Court sitting in Maitama had restrained the DSS from arresting the CBN governor.

The restraining order was issued by M.A. Hassan, the presiding judge.

Source: Daily Post

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