The CBN will not extend the January 31 deadline for naira deposits, according to Emefiele

The Central Bank of Nigeria, CBN, has ruled out extending the January 31 naira deposit deadline.

CBN Governor Godwin Emefiele stated this on Tuesday during a Monetary Policy Committee meeting in Abuja.

Emefiele reacted to a query about the extension of the ultimatum in response to objections from Nigerians.

“Unfortunately, I don’t have good news for those who argue that the deadline should be pushed out,” he stated.

“The rationale is because 90 days, in fact, 100 days, is plenty for everybody who owns the old currency to deposit it in the bank.

“We took every precaution to guarantee that all banks remained open to accept the old currency, including opening on Saturdays.

“We see no reason to start talking about a transition. “We believe that 100 days is more than enough,” Emefiele stated.

The Senate urged the central bank on Tuesday to extend the deadline for phasing out outdated notes until July 31.

The Red Chamber also urged the CBN to require banks to establish naira exchange windows for those who do not have bank accounts.

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