Reps Reject CBN Extension Date For Old Naira Swap

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The Central Bank of Nigeria  ( CBN )declared on Sunday that it would phase out obsolete currency notes by February 10; however, the House of Representatives has rejected this date.

The New Naira Redesign and Naira Swap Policy Ad hoc Committee of the House of Representatives referred to the new date as only a political ploy to further mislead Nigerians and harm their economic and social well-being on Sunday.

The development happened as resentment about the shortage of replacement notes spread throughout the nation and some bank customers were left stranded. While there are lengthy lines at ATM galleries all throughout the country, retailers and traders have been refusing the old notes.

But declaring the new cutoff date for the retirement of the previous

Additionally, he provided an additional seven days for Nigerians to deposit their old naira notes before they lose their legal tender status on February 10.

According to The PUNCH, the CBN had previously set a deadline of January 31 for the exchange of obsolete N1,000, N500, and N200 notes.

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The central bank had been under intense pressure and harsh criticism from the National Assembly, lawmakers, banks, clients, and other critical stakeholders before extending the deadline, but it had refused to change its position.

The CBN governor had also missed four appearances before the House, which caused the Speaker of the House of Representatives, Femi Gbajabiamila, to proclaim on Tuesday that he was prepared to issue an arrest warrant against him if he missed last Thursday’s committee meeting.

Gbajabiamila said the lawmakers would reconvene on Tuesday (tomorrow) to take an action against Emefiele and other bank chiefs who failed to honour the house’s summons.


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