Old naira: 10-day extension “grossly inadequate”, says CPPE

The extension of the deadline for the expiration of old naira notes to February 10, 2023 is “grossly inadequate,” the Centre for the Promotion of Private Enterprise has said. 

The Central Bank of Nigeria announced on Sunday that it has extended the deadline for the old N200, N500 and N1,000 notes by 10 days from the initial January 31. 

The scarcity of the new naira notes, which entered circulation on December 15, 2022, has sparked widespread criticism, with the CBN insisting that the old notes would cease to be legal tender on January 31. Many Automated Teller Machines had been sitting idle for days as banks were rationing the new notes, even as some ATMs were still dispensing the old notes.

“The CPPE believes that 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process,” the Chief Executive Officer of CPPE, Dr Muda Yusuf, said by email on Sunday.