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Old Naira Notes: Nigerians Will Lose Money Over CBN’s Deadline—Experts

According to economists, if the Central Bank of Nigeria (CBN) does not extend the January 31 deadline for the phase-out of N200, N500, and N1000 notes, Nigerians will lose their hard-earned money.

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Recall that shortly after the Tuesday monetary policy meeting, CBN Governor Godwin Emefiele indicated there was no extending the deadline.

According to the CBN, 90 to 100 days are sufficient for old naira notes to be deposited in banks.

Economic analysts, however, stated that innocent Nigerians will lose their hard-earned money in response to the CBN’s stand.

The more practical choice, according to Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, is for CBN to extend the deadline.

He claims that it is obvious that the CBN is experiencing production and logistics issues with the new banknotes.

He claimed that Nigerians would suffer as a result of the CBN’s decision to uphold the deadline.

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Economic experts have said Nigerians would lose their hard-earned money over the Central Bank of Nigeria’s refusal to extend the January 31 deadline for phasing out N200, N500 and N1000 notes.

Recall that the Governor of CBN, Godwin Emefiele, said there is no going back on the deadline shortly after the Monetary Policy Meeting on Tuesday.

The CBN stated that 90-100 days is enough for the old naira notes to be deposited in banks.

But, reacting to CBN’s position, economic experts disclosed that innocent Nigerians would lose their hard-earned money.

On Tuesday, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said the more realistic option is for CBN to extend the deadline.

According to him, it is evident that CBN has production and logistics challenges regarding the new banknotes.

He stated that the CBN’s stance on not shifting the deadline would have consequences for Nigerians.

“On the currency exchange, it is evident that CBN has serious production and logistics limitations regarding the new currency notes.

“The most realistic option is to extend the deadline. Otherwise, there will be severe business disruptions, especially within the SME space, the informal sector and the rural economy. Many innocent Nigerians will lose their hard-earned money,” he said.

Also, a financial expert, Mr Idakolo Gbolade, said, “I am now concluding that the deadline is punitive and could cause some uninformed Nigerians significant loss if the dynamics remain the same.”

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A similar statement was made by Prof. Godwin Oyedokun, a professor of accounting and financial development at Lead City University in Ibadan: “It is not our fault as citizens, and we cannot be made to suffer the inefficiency of those charged with governance.”

The CBN announced the naira redesign policy on October 26, 2022. Less than a month later, on November 23, President Muhammadu Buhari revealed the new naira notes. On December 15, they went into circulation.

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