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Old Notes: Nigerians Give Kudos, Knocks To CBN Deadline Extension


Mixed reactions have trailed the Central Bank of Nigeria (CBN) extension of the deadline for collection of old naira notes by 10 days.

Some Nigerians who spoke in separate interviews with the News Agency of Nigeria (NAN)on Sunday in Lagos, commended the CBN for the extension, while others said that it could also lead to a situation where government policies might not be taken seriously in the future.

According to them, the extension is a good decision because it affords some Nigerians, who are yet to deposit their old naira notes, the opportunity to do so.

The CBN Governor, Mr Godwin Emefiele, said that the apex bank sought and obtained the approval of President Muhammadu Buhari, to extend the deadline to Feb. 10.

The governor said aside those holding illicit/stolen funds in their homes for speculative purposes, the aim of the extension was to give Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.

CBN had earlier given Jan. 31, as deadline for people to deposit the old notes in their possession in banks.

Mr Ukaegbu Ndukwe, a software programmer, said the extension by 10 days would give the masses few days of grace to return old notes in their possession to the bank.

“The date is fair, so long it doesn’t get extended to the election date as it might affect the free and fair electoral process in terms of vote buying.

“Most of the people clamouring for this extension may have in their possession hoarded old naira notes and might intentionally want to use this notes for vote buying,” he said.

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