Abakaliki residents laud CBN over extension of deadline for swapping old Naira notes

Some residents of Abakaliki have applauded the Central Bank of Nigeria (CBN) and President Muhammadu Buhari for the extension of the deadline for the swapping of the old naira notes with the redesigned new notes.

The News Agency of Nigeria (NAN) recalls that the apex bank had earlier fixed the Jan. 31 deadline for the cessation of the old N200, N500 and N1,000 bills as legal tender in Nigeria but, on Sunday, announced a new deadline of February 10.

The announcement was made by Mr Godwin Emefiele, CBN Governor, after a closed-door meeting with President Muhammadu Buhari in Daura, Katsina state, on Sunday.

In separate interviews with some residents and traders on Sunday in Abakaliki, they applauded the decision to extend the deadline from Jan. 31 to Feb. 10, describing it as a great relief to Nigerians, especially, the ordinary citizens.

Mrs Mary Mbam, a trader, who deals in foodstuffs, urged CBN authorities to step up plans to make the new currencies available.

Mbam said that making the new naira notes available in various commercial banks would allow them to circulate and bring a boost to their businesses.

“The decision is a welcome development, I’m feeling like climbing the mountain top. These whole processes have crippled a lot of businesses because of the scarcity of the new naira notes, which is still in limited circulation.

“My business has been slowed down since I stopped collecting the old naira notes.

“Many of my customers are yet to have the new currencies, making business transactions difficult.

“I commend the CBN for the extension and I hope they will make the bills much more available within the period,” she added.

Mr Charles Mkpuma, a Provision shop owner, said the extension is a big relief to traders and citizens, calling on the commercial banks to stop hoarding the new notes.

Mr Jonathan Okechukwu, a teacher, told NAN that he has not been able to see N1,000 of the redesigned notes since the new policy started, urging both the apex and commercial banks to leverage on the extension to devise strategies to make the new currencies available in the market.

“I have gone to the bank several times but I could not have the money. I pray that this extension will reduce the suffering of citizens as we await the availability of the new notes.

“Most shops in my street have stopped collecting the old currencies and such action is crippling their businesses. We need the federal government intervention at ensuring that these currencies are fully in circulation before Feb. 10,” he added.

The federal government said that the redesigned naira notes which were launched in November by Buhari but, officially came into circulation on Dec. 15, were aimed at checking counterfeit and other forms of financial corruption.