The Bank Customers Association of Nigeria (BCAN), which represents commercial bank clients, has requested an extension of the deadline for surrendering old currency.
The old N200, N500, and N1,000 banknotes must be returned by January 31, 2023, according to CBN Governor Godwin Emefiele, as part of the apex bank’s attempts to redesign certain naira notes.
It’s unclear if the CBN intends to extend the deadline.
However, BCAN claimed that the timetable for getting rid of the old banknotes was too short for Nigerians to handle, and that the CBN should anticipate some difficulties.
Since the CBN said it would be phasing out the old notes, certain commercial banks in the nation have opened; so as to attend to the surging number of customers who want to deposit old banknotes.