CBN Begins Countdown to the old Naira Notes Expiry...People react

Amid complaints that the new naira notes are not fully in circulation, the Central Bank of Nigeria (CBN) has launched a countdown to the January 31 deadline when the old N1,000, N500, and N200 notes will cease to be legal tender.

Unveiling the countdown on its Twitter page on Friday, the apex bank said the deadline now remains 24 days and a few hours.

The CBN added that “the current series of N200, N500, and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

Meanwhile, reactions from Nigerians have trailed the countdown on Twitter, with many people faulting the CBN for insisting on the deadline without making enough notes available. Reacting to the bank’s countdown.

Read here some of the reactions:

"The banks under your watch are yet to roll out the new notes. They still give the old notes.. so this una grandstanding no get level."

“Till today I haven’t had any new notes. Quite okay I’ve seen just 1000 notes with someone. I’m staying in a student area where we expect quick circulation of money. How then do you give 3 weeks countdown? Do something about it before you start a countdown”

"Like seriously? I went to withdraw money from the ATM (first bank) and was given old notes. I went to the counter to ask for the new notes, I was told I’ll not be given more than 10,000.00. How can the dates be possible when banks are still dispensing old notes?”

"And till now we have not seen the #200 notes. Even the 500 and 1000 is scarce . This deadline is a mirage . It can't work."

"Because even inside bank there's no new notes of 1000, 200, and 500 even today if you went to the bank they can't give you new note, so pls adjourn it and make other people from rural area spend d old one."

“How will the old notes be stopped in 24 days? Some of us haven’t even set our eyes on them and yet they’re in circulation.”

Also, Senator Uzor Kalu urged the CBN to go “as far as April ending to enable people to deposit their cash in banks.”

However, with the beginning of the countdown today, the CBN seems not to be deferring to the National Assembly’s call.