BREAKING: CBN shuns Senate, refuses to extend deadline for old naira note

The Central Bank Of Nigeria (CBN) has said its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.

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The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The CBN also raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He also said the 100 days given for the swap of the old naira notes with new ones were enough for Nigerians to go to commercial banks and get new notes.